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Lalan and Balan were partners in …

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Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1st April, 2010 were Lalan ₹ 1,00,000 and Balan ₹ 2,00,000. They agreed to allow interest on capital @ 12% per annum and charge on drawings @ 15% per annum. The firm earned a profit, before all above adjustments, of ₹ 30,000 for the year ended 31st March, 2011. The drawings of Lalan and Balan during the year were ₹ 3,000 and ₹ 5,000 respectively. Showing your calculation clearly, prepare profit and loss appropriation account of Lalan and Balan. The interest on capital will be allowed even if the firm incurs loss.

Posted by Radhika Ahuja 5 months ago

CBSE > Class 12 > Accountancy

1 answers

Kajal Sharma 4 months, 4 weeks ago

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