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17 Anish and Antesh were partner in the ratio of 2:3 with capital of Rs.1,00,000 and Rs.80,000 respectively. Business required fund to their working capital
17 Anish and Antesh were partner in the ratio of 2:3 with capital of Rs.1,00,000 and Rs.80,000 respectively. Business required fund to their working capital of Rs.2,00,000. On Sept.30, 2022 for that amount Anish provided advance of Rs.1,20,000 and for the remaining amount they introduced Deepak as a new partner for share and he was guaranteed by both the partner for the minimum profit of Rs.30,000 p.a. for first five years. As per the partnership deed interest on capital will be allowed @ 8% p.a.. At the end of first year partnership business incurred profit of Rs.9,990 before the any of the above adjustment made. Prepare Profit and Loss Appropriation A/c and show your workings clearly
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