Question

Q.9. The partnership agreement of M and R provides that:
Profit will be shared in the ratio of 3:2.
2. M will be allowed a salary of 500 p.m.
3. 8% interest will be allowed on Partner's Fixed Capital A/c.
4. 6% Interest to be charged on Partner's Drawings.
5. The fixed capital of M and R is 2,00,000 and + 1,50,000 respectively. Their drawings were
10,000 and 12,000 respetively. The net profit for the year ending December, 2013 amounted to
62,000.
Prepare Profit and Loss Appropriation A/c.​

Answer 1

Explanation:

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