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Question Paul and Sonia started business in partnership on 1 st January, 2019 without any agreement . Paul introduced capital $60,000 and Sonia $ 40,000.

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Paul and Sonia started business in partnership on 1st January, 2019 without any agreement. Paul introduced capital $60,000 and Sonia $ 40,000. On March 1st, 2019 Sonia advanced $ 20,000 by way of loan to the firm at 6% per annum. The profit for the year ended 31st, December 2019, was amounted to $18,000.

Required: Prepare Profit and Loss Appropriation Account at the end of 2019.

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