19 :- Bhanu and Pratap are partners sharing profits equally. Their fixed capitals as on 1st April 2024 were Rs 8,00,000 and Rs 10,00,000 respectively. Their drawings during the year were Rs 50,000 and Rs 1,00,000 respectively. Interest on Capital is a charge and is to be allowed 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March 2025 before giving effect to the above) was Rs 1,20,000. Prepare Profit and loss Appropriation account.
Solution:-
