Sarthaks Test
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A and B are partners. A’s Capital is Rs.1,00,000 and B’s Capital is Rs.60,000. Interest on capital is payable @ 6% p.a. B is entitled to a salary of Rs.3,000 per month. Profit for the current year before interest and salary to B is Rs.80,000. Prepare Profit and Loss Appropriation Account.

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Working notes:

Wn 1: Calculation of interest on capital

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