Question: Please do oly if u can do in 5 minutes or else let others try . 13. A and B entered into partnership on 1st

Please do oly if u can do in 5 minutes or else let others try .

Please do oly if u can do in 5 minutes or else

13. A and B entered into partnership on 1st April, 2009 without any partnership deed. They introduced capitals of $5,00,000 and 3,00,000 respectively. On 31st October 2009, A advanced 32,00,000 by way of loan to the firm without any agreement as to interest. The Profit and Loss Account for the year ended 31.3.2010 showed a profit of *4,30,000, but the partners could not agree upon the amount of interest on loan to be charged and the basis of division of profits. Pass a journal entry for the distribution of the profit between the partners and prepare the Capital A/cs of both the partners and Loan A/c of A

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