Prepare Profit and Loss Appropriation Account

Reference no: EM132739779

Question - CC and DD start business on 1st January, 2020, with capitals of 1,50,000 and 1,00,000. According to the Partnership Deed, DD is entitled to a salary of 2,500 per month and interest is to be allowed on opening capitals at 6% per annum. The remaining profits are to be distributed amongst the partners in the ratio of 5:3. During 2020 the firm earned a profit, before charging salary to DD and interest on capital amounting to 1, 25,000. During the year CC withdrew 40,000 and DD withdrew 50,000 for domestic purposes. Prepare Profit and Loss Appropriation Account.

Reference no: EM132739779

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