Question

Ram and shyam are partners in a firm whose capitals on 1st

junuary 2018 were rs. 25000 and rs. 20000 respectively, They

are allowed intrest on capital @ 8% and intrest on drawing is

charged @ 12% p.a.Ram gave rs. 10000 to the firm as loan on

1

st july 2018 shyam is entitled to get an annual salary of rs.

5000 intrests charged on their drawings were rs. 600 and rs.

500 respectively. The profit for the year ended on 31st

December 2018 before making above adjustments was rs.

25000. Prepare profit and lose appropriation account for the

year 2018.​

Answer 1

Explanation:

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