Question

Sajal and Kajal are partners sharing profits and losses in the ratio of 2:1.On 1st April, 2019 their Capitals were :Sajal -Rs 500000 and Kajal -Rs 400000.Prepare Profit and Loss Appropriation Account and the Partners' Capital Accounts at the end of the year from the following information :(a) Interest on capital is to be allowed @5%p.a.(b) Interest on loan advanced by Kajal for the whole year, the amount of loan being Rs 300000.(c) Interest on partners' drawings @6%p.a.Drawings:Sajal Rs100000 and Kajal Rs 80000.(d) 10% of divisible profit is to be transferred to General Reserve. Profit, before giving effect to the above, for the year ended 31st March,2020 is Rs 702600.
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Answer 1

Answer:

See The Attachment My Friend