Subjective Questions on Kamal and Kapil are partners having fixed capitals of 5 00 000 each as on 31st March 2018 Kama........... for Commerce 12th Preparation

Accountancy ( 12th)

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Kamal and Kapil are partners having fixed capitals of 5,00,000 each as on 31st March, 2018. Kamal introduced further capital of 1,00,000 on 1st October, 2018 whereas Kapil withdrew 1,00,000 on 1st October, 2018 out of capital.

Interest on capital is to be allowed @ 10% p.a.

The firm earned net profit of 6,00,000 for the year ended 31st March 2019.

Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.

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By: NIHARIKA WALIA

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