1 Profit and Loss Appropriation questions from CUET Accountancy 2025 14 May Shift 1 with detailed answers and explanations. Free previous year questions and MCQs.
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Profit and Loss Appropriation โ CUET Accountancy 2025 14 May Shift 1(1โ1 of 1)
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Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs.ย 50,000 and Rs.ย 30,000 respectively. Interest on capital is agreed @ 6%ย p.a. Babul is to be allowed an annual salary of Rs.ย 2,500. Manager is to be allowed commission Rs.ย 5,000. Amitabh has also given a loan on April 01, 2019 of Rs.ย 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs.ย 22,250. What amount of profit will be transferred to Profit and Loss Appropriation account :
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