I of 2007 - FA UN TIKamlesh and Vishal are partners in a firm Their capital on 1 January, 20and 20,000 respectively. They are allowed interest on capital @ 70Interest on drawings is charged @ 12% per annum. Kamlesh gave < 10,000 toloan on 1 July, 2007. Vishal is entitled to get an annual salary of 5,000. Interest Caseon his drawing were 600 and 500 respectively. The profit for the year ended on 3December, 2007 before making above adjustments were *25,000.Prepare profit and loss account for 2007.( -Net profit * 8,600, 8,600.)

I of 2007 - FA UN TIKamlesh and Vishal are partners in a firm Their

1.	I of 2007 - FA UN TIKamlesh and Vishal are partners in a firm Their capital on 1 January, 20and 20,000 respectively. They are allowed interest on capital @ 70Interest on drawings is charged @ 12% per annum. Kamlesh gave < 10,000 toloan on 1 July, 2007. Vishal is entitled to get an annual salary of 5,000. Interest Caseon his drawing were 600 and 500 respectively. The profit for the year ended on 3December, 2007 before making above adjustments were 25,000.Prepare profit and loss account for 2007.( -Net profit 8,600, 8,600.)
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