Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given a loan to Pawan of ₹ 5,00,000 on 1st April 2022. Interest was to be charged @ 10% p.a. The firm took a loan of ₹ 2,00,0000 from Nirmal on 1st October 2022. Before giving effect to the above, the firm incurred a loss of ₹ 10,000 for the year ended 31st March 2023. Determine the amount to be transferred to the Profit and Loss Appropriation Account.
Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given a loan to Pawan of ₹ 5,00,000 on 1st April 2022. Interest was to be charged @ 10% p.a. The firm took a loan of ₹ 2,00,0000 from Nirmal on 1st October 2022. Before giving effect to the above, the firm incurred a loss of ₹ 10,000 for the year ended 31st March 2023. Determine the amount to be transferred to the Profit and Loss Appropriation Account.
[Ans: Amount of Profit transferred to Profit and Loss Appropriation A/c – ₹ 34,000.]
Anurag Pathak Changed status to publish April 12, 2023