Ashok and Darshan commenced their business with capital investments of Rs. 80,000 and Rs. 60,000 respectively. On 01-04- 2013, they agreed to share profits and losses in the ratio of 3 : 2 for the year ending 31st March 2014. They earned a profit of Rs. 24,000 before allowing:
(a) Interest on capital at 6% p.a.
(b) Annual Salary to Darshan Rs. 5,000.
(c) Interest on drawings, Ashok Rs. 1,500 and Darshan Rs 1,000.
(d) Partners drawings, Ashok Rs. 15,000 and Darshan Rs. 10,000 You are required to prepare Profit and Loss Appropriation Account of the firm.
