Akhil and Nikhil were partners sharing profits and losses in the ratio of 3:2. Their fixed capitals were 1,00,000 and 80,000 respectively. Interest on capital was agreed @ 6% p.a. Nikhil was to be allowed an annual salary of 9,200. During the year 2021-22, the net profit prior to the calculation of interest on capital but after charging Nikhil’s salary amounted to 1,20,000.

 

Prepare Profit and Loss Appropriation Account of the firm for the year ending 31st March, 2022.

Marks-3, CBSE:2022-23/Zone-5/Set-1/Q-18*

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