Question

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introduced further captial of 1,00,000 on Ist October, 2017 whereas Kapil withdrew * 1,00,000 on
1st October, 2017 out of capital.
Interest on capital is to be allowed @ 10% p.a.
The firm earned net profit of 6,00,000 for the year ended 31st March, 2018.
Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.
[Ans.: 1. Dr. Profit and Loss Appropriation A/c by 1,00,000;
Cr. Amar's Current A/c by 15,000 and Bimal's Current A/c by *25,000.)
18. Kamal and Kapil are partners having fixed capitals of 5,00,000 each as on 31st March, 2017. Kamal​

Answer 1

Answer:

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Explanation:

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