simran and Reema are partners sharing profits in the ratio of 3:2. Their capitals as on 31st March, 2018 were
200.000 each whereas Current Accounts had balances of 50.000 and 25 000 respectively. Interest is to
he allowed 596 p.a. on balances in Capital Accounts. The firm eamed net profit of 3,00,000 for the year
ended 31st March, 2019.
Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss
Appropriation Account for the year.
Ans: 1. Dr Profit and Loss Appropriation A/c by 20.000;
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A constitution can be either unitary or federal. A unitary system is governed constitutionally as one single unit, with one constitutionally created legislature.
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Distinguish between the Unitary and Federal systems of government.
Federal government Unitary government
Power and responsibilities are shared between national and local levels. Power is placed in one central governing system
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