Question

X’ and ‘Y’ are partners in a firm sharing Profit and Losses

equally. On 1st January 2018 their capitals were Rs.20,000

and Rs.10,000 respectively. Interest on capital is to be

allowed at 5% p.a., from profit prior to division thereof.

The net profit for the year ending 31st December 2018,

before allowing Interest on capital amounted to Rs.9,500.

Give the journal entries and prepare Profit and Loss

appropriation account​

Answer 1

Answer:

X,Y-9,500/2018 loss oh okay