47 :- Amit and Vijay started a partnership business on 1st April 2024. Capital invested by them were Rs 2,00,000 and Rs 1,50,000 respectively. The partnership deed provided as follows:
- Interest on capital be allowed at 10%
- Amit to get a salary of 2,000 per month and Vijay 3,000 per month
- Profits are to be shared in the ratio of 3:2
Net profit for the year ended 31st March,2025 was Rs 2,16,000. Interest charged on drawings was Rs 2,200 for Amit and Rs 2,500 for Vijay.
Prepare Profit and loss appropriation account
Solution :-
