Anil and Sunil are partners, started business on 1.4.2017. They share profits and losses equally. They invested capital Rs. 2,00,000 and Rs. 1,60,000 respectively. For the year ended 31.3.2018, they earned a profit of 80,400 before following adjustments.
(a) Interest on capital at 10% p.a.
(a) Interest on capital at 10% p.a.
(b) Interest on drawing Anil – Rs. 2,000 Sunil – Rs. 1,600
(c) Annual salary payable to Anil – Rs. 6,000
(d) Annual commission payable to Sunil Rs. 4,000 Prepare Profit and loss appropriation account for the year ended 31.3.2018.