Class 12th Accountancy Chapter-1 Practical Question-26
Parul and Rajul were partners in a firm, sharing profits and losses in the ratio of 5 : 3. The balance in their Fixed Capital Accounts on 1st April, 2023 were: Parul ₹ 6,00,000 and Rajul *8,00,000. The partnership deed provided for allowing interest on capital at 12% per annum. The net profit of the firm for the year ended 31st March, 2024 was ₹ 1,26,000. Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2024. Show your working clearly.
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