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Bhanu and Pratap are partners sharing profit and loss equally. Their fixed capitals as on the 1st april,2017 are ₹8,00,000 and ₹10,00,000 respectively. Their drawings during the year were ₹50,000 and ₹1,00,000 respectively. Interest on Capital is @ 10%p.a. and interest on drawings is @ 15%p.a. Profit for the year ended 31st March ,2018 was 1,20,000. Prepare profit and loss appropriation account.?
Ref: https://edurev.in/question/527813/Bhanu-and-Pratap-are-partners-sharing-profit-and-loss-equally-Their-fixed-capitals-as-on-the-1st-ap

It must be noted that:
1) interest on drawing will be calculated for six months as no time period has been mentioned.
2) the drawinga are considered as drawings of cash not of capital.
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Ans. Commerce refers to the activity of buying and selling goods and services, typically involving the exchange of money. It encompasses various aspects such as trade, transportation, finance, marketing, and more.
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