Pg no. Ram and Rahim started business with capital of ₹ 50,000 and ₹ 30,000 on 1st January, 2023. ▇▇▇▇▇ is entitled to a salary of ₹ 400 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year Ram withdrew ₹ 8,000 and Rahim withdrew ₹ 10,000. The profit for the year before allowing for the terms of the Partnership Deed came to ₹ 30,000. Assuming Fixed capitals, Prepare Profit & Loss Appropriation Account and Capital & Current Accounts of the partners
Appears in 2 contracts
Sources: Partnership Agreement, Partnership Agreement