Ritesh and Mitesh started a business on 1st April, 2018 and contribute the capital of 2,00,000 and 1,50,000 respectively. On 1st July, 2018, Ritesh gave a loan 40,000 and Mitesh introduced a fresh capital of 7 60,000. Profit for the year ended 31st March, 2019 was 75,800. There is no partnership deed. Both Ritesh and Mitesh expected interest 12% per annum on loan and additional capital advanced by them. Mitesh also asked for a monthly salary of 2,000 as he spent additional over time on regular basis. Show the distribution of profit and prepare Profit and Loss Appropriation A/c.
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Profit and Loss Appropriation A/c
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Pls refer to the pic below
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Explanation:
There is no appropriation because absence of partnership deed
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