Question

x and y are partners sharing profit and loss in the ratio 7:3 their capital accounts as at 1st april 2019 stood x-5,00,000 ,
y-4,00,000 partners are allowded interest on capital @5%p.a drawings of the partners during the year ended 31st march 2020 were 72,000
& 50,000 respectively.profit of the year before allowing interest on capital & salary to y @5000 and 8,00,000. 10% of the net profit is to be set aside as general reserve
prepare p&l appropriation account for the year ended 31st March 2020 and capital and current accounts of the partners​

Answer 1

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