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Kurup and Lal were partner. Their …

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Kurup and Lal were partner. Their capital contribution 600000and ,400000. The terms of partnership agreement as follow 1.10% of profit should be transferred to general reserve. 2.Interst on capital 10% per annum interest on drawing 18% for per annum . 3. Kurup and Lal get monthly salary of 3000 and 4000. 4. Kurup was inTitle to commission of 24000 5. Share profit and losses in capital ratio. The profit of the year ended 31st March 2018 before making above appropriation 700000. The drawings of kurup and Lal were 70000 and 60000. The current account balance of Mr kurup and Mr Lal (3000)dr.and (1700)cr. Give necessary journal entry.prepare profit and loss appropriation account and capital account when capital are fixed.
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