the drawing for the year were A Rs 6,000 B Rs 4,000 and C Rs 2,000 Interest on drawing of Rs 270 was changed on A's drawing, Rs 180 on B's drawings and Rs 90 , on C's drawings. the net profit as per profit and loss account for the year ending March 31,2006 was Rs 35,660 prepare the profit and loss appropriation account to show the distribution of profit among the partners.
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Answer:
Calculation of interest on drawings:
Number of drawings = 6
Amount of each drawing= 4000
Total drawings= 6*4000
= 24000
Number of months= [Time left after 1st drawing + Time left after last drawing]/2 = 3.5 months =
= [6+1]/2
Hence,
Interest on drawings= 24000 * 5/100*
3.5/12
= 350
Explanation:
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