The partnership agreement between Manish and Girish provides that: (i) Profit will be shared equally. (ii) Manish will be allow ed a salary of Rs. 400 per month. (iii) Girish who manages the sales department will e allowed a commission equal to 10% of the net profits after allowing Manish’s salary. (iv) 7% interest will be allowed on partner’s fixed capital. (v) 5% interest will be charged on partner’s fixed capital. (vi) the fixed capitals of Manish and Girish are Rs. 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and 14,000 respectively. The net profit for the year ending March 31, 2018 amounted to Rs. 40,000. Prepare firm’s profit & loss appropriation account.
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