Amal, Bimal and kamal are three partners. On 1st April, 2017, their Capitals stood as: Amal Rs. 40,000, Bimal Rs. 30,000 and Kamal Rs. 25,000. It was decided that:
(a) they would receive interest on Capital @ 5% p.a.
(b) Amal would get a salary of Rs. 250 per month.
(c) Bimal would receive commission @ 4% on net profit after deducting commission, interest on capital and salary, and
(d) After deducting all of these 10% of the profit should be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2018 was Rs. 33,360. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the Partners.
