Question

s pe
X and Y started business on 1st April, 2019 with capitals of 5,00,000 each. As
Partnership Deed, both X and Y are to get monthly salary of 10,000 each and interes
Illustration 10 (Profit and Loss Appropriation Account).
capitals is 50,000 each. Interest on Drawings are: X- 3,000 and Y-5,000.
During the year, the firm incurred a loss of 2,00,000.
Pass Journal entries for the above and prepare Profit and Loss Appropriation Account.

firm closes its accounts on 31st March, every year.​

Answer 1

Answer:

(Profit and Loss Appropriation Account). X and Y started business on 1st April, 2017 with capitals of Rs.5,00,000 each As per the Partnership Deed, both X and Y are to get monthly salary of Rs.10,000 each and interest on capitals @ 10% p.a. Drawings during the year were X−Rs.60,000 and Y−Rs.1,00,000; interest being chargeable @ 10% p.a.

During the year, the firm incurred a loss of Rs.2,00,000.

Pass Journal entries for the above and prepare Profit and Loss Appropriation Account. The Finn closes its accounts on 31st March, every year.

and please mark mein brilliant