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O Profit & Loss Appropriation A/c and Partners' Capital24. A, B and C have capitals of 20,000, 10,000 and 4,000 respectively, on which they areentitled to interest at 5% per annum. The profit in the year, before charging interest on capital,amounted to 1,100. Prepare Profit & Loss A/c and Partners' Capital Accounts when intereston capital is paid and profits and losses are shared equally.[Ans. (i) P/L Appropriation A/c Loss 600, (ii) Capital Balance: A 20,800; B * 10, 300; C 24,000.]Managerith their canitals as * 4,00,000 and |
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