Vinod and Mohan are partners. Vinod’s Capital is ₹ 1,00,000 and Mohan’s Capital is ₹ 60,000. Interest on Capital is payable @ 6% p.a

Vinod and Mohan are partners. Vinod’s Capital is ₹ 1,00,000 and Mohan’s Capital is ₹ 60,000. Interest on Capital is payable @ 6% p.a. Vinod is to get a salary of ₹ 3,000 per month. Net Profit for the year is ₹ 80,000.

Prepare Profit and Loss Appropriation Account.

[Ans: Share of Profit: Vindo – ₹ 17,200; Mohan – ₹ 17,200]