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Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get a monthly salary of ₹ 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were ₹ 5,00,000 each and drawings during the year were ₹ 60,000 each.

The firm incurred a net loss of ₹ 1,00,000 during the year ended 31st March 2023.

Prepare Profit and Loss Appropriation Account for the year ended 31st March 2023.

[Ans: Loss – ₹ 94,000; Reema’s Share – ₹ 47,000; Seema’s Share – ₹ 47,000.]

Anurag Pathak Changed status to publish April 12, 2023
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