Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4:3:3. Their fixed capitals 1st April, 2022 were ₹9,00,000, ₹5,00,000 and ₹4,00,000 respectively. On 1st November, 2022, Yadu gave a loan of ₹80,000 to the firm, as per the partnership agreement. (i) The partners were entitled to an interest on capital @ 6% p.a. (ii)Interest on partners' drawings was to be charged@ 8% p.a. The firm earned profit of ₹2,53,000 (after interest on Yadu's Loan) during the year 2022-23. Partners drawings for the year amounted to: Yadu- ₹80,000, Vidu- ₹70,000 and Radhu- ₹50,000. Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2023.

 

Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4:3:3. Their fixed capitals

1st April, 2022 were  ₹9,00,000, ₹5,00,000 and  ₹4,00,000 respectively. On 1st November, 2022, Yadu gave a loan of ₹80,000 to the firm, as per the partnership agreement.

(i) The partners were entitled to an interest on capital @ 6% p.a.

(ii)Interest on partners' drawings was to be charged@ 8% p.a.

The firm earned profit of ₹2,53,000 (after interest on Yadu's Loan) during the year 2022-23. Partners drawings for the year amounted to:

Yadu- ₹80,000, Vidu- ₹70,000 and Radhu- ₹50,000.

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

 👇 Answer👇

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