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On 1-04-2013 Jay and Vijay, entered into partnership for supplying laboratory equipment to government schools situated in remote and backward areas. They contributed capital of Rs 80,000 and Rs 50,000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provided that interest on capital shall be allowed 9% per annum. During the year the firm earned a profit Rs 7,800. Showing your calculations clearly, prepare Profit and Loss Appropriation Account of Jay and Vijay for the year ended 31-3-2014. |
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Answer» On 1-04-2013 Jay and Vijay, entered into partnership for supplying laboratory equipment to government schools situated in remote and backward areas. They contributed capital of Rs 80,000 and Rs 50,000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provided that interest on capital shall be allowed 9% per annum. During the year the firm earned a profit Rs 7,800. Showing your calculations clearly, prepare Profit and Loss Appropriation Account of Jay and Vijay for the year ended 31-3-2014. |
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