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4. Ashish and Aakash are partners …

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4. Ashish and Aakash are partners sharing profits in the ratio of 3 : 2. Their Capital Accounts had credit balances of ` 5,00,000 and ` 6,00,000 respectively as on 31st March, 2020 after debit of drawings during the year of ` 1,50,000 and ` 1,00,000 respectively. Net profit for the year ended 31st March, 2020 was ` 5,00,000. Interest on capital is to be allowed @ 10% p.a. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.

Posted by Harish Patre 4 years, 5 months ago

CBSE > Class 12 > Accountancy

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