Question - 12 

Karan, Pankaj and Naveen are partners in a firm with capitals of Rs. 50,000, Rs. 30,000 and Rs. 20,000 respectively As per partnership deed interest on capital is allowed @6% p.a. but no interest is charged on their drawings they share profit and loss in the ratio of 3:2:1 Naveen is entitled to get a salary of Rs. 5,000 p.a. During the year 2020 their drawings were Rs. 6,000, Rs. 5,000 and Rs. 6,000 respectively pankaj had without goods costing Rs. 2,000 from the business for personal use which was not recorded in the books the profit for the year 2020 before charging interest salary and withdraw of good was Rs. 60,000 prepare profit & loss Appropriation & Partners current A/c.

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