Rahul and Sirajul are pertners in a firm sharing prontsOn 1.4.2015 the capitals of the partners were Rahul * 50,000 and Sirajul 40,000. The net profitof the firm for the year ended on 31.3.2020 was 1,75,000.You are required to prepare the Profit and Loss Appropriation Account by taking into considerationthe undermentioned information :(a) Interest on Capital at 5% p.a.(b) Loan from Sirajul - 45,000; interest to be charged on the loan for the whole year.(c) Interest on drawings of partners at 6% p.a.The drawings were : Rahul < 15,000 and Sirajul + 10,000.(d) Transfer 10% of the distributable profits, before distribution, to the Reserve Fund of the firm.
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