Kabir, Zoravar and Parul are partners sharing prohts in the ratio of 5 :3 :2.Their capitals as on 1st April, 2022 were: Kabir- ₹5,20,000, Zoravar-₹3,20,000 and Parul - ₹2,00,000. The Partnership Deed provided as follows: (i) Kabir and Zoravar each will get salary of ₹24,000 p.a. (ii) Parul will get commission of 2% of Sales. (iii) Interest on capital is to be allowed @ 5% p.a. (iv) Interest on Drawings is to be charged @ 5% p.a. (v) 10% of Divisible Profit is to be transferred to General Reserve. Sales for the year ended 31st March, 2023 were ₹50,00,000. Drawings by each of the partners during the year was ₹60,000. Net Prom for the year was ₹1,55,500. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023.

 Kabir, Zoravar and Parul are partners sharing prohts in the ratio of 5 :3 :2.Their capitals as on 1st April, 2022 were: Kabir- ₹5,20,000, Zoravar-₹3,20,000 and Parul - ₹2,00,000.

The Partnership Deed provided as follows:

(i) Kabir and Zoravar each will get salary of ₹24,000 p.a.

(ii) Parul will get commission of 2% of Sales.

 (iii) Interest on capital is to be allowed @ 5% p.a.

(iv) Interest on Drawings is to be charged @ 5% p.a.

(v) 10% of Divisible Profit is to be transferred to General Reserve.

Sales for the year ended 31st March, 2023 were ₹50,00,000. Drawings by each of the partners during the year was ₹60,000. Net Prom for the year was ₹1,55,500.

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

 👇 Answer👇

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