Question

1. Javant and Paresh started a partnership business on 1st April 2019. They contributed 1.60.000
and 1.20.000 respectively. The terms of the Partnership Agreement are as under: (1) Interest on
capital is allowed @ 12% p.a. and on drawings interest is charged @ 10% p.a. (11) Jayant and Paresh
to get a monthly salary of 4,000 and + 6,000 respectively. (iii) Share profits and losses in the ratio of
their capital contribution. (iv) Paresh is to get commission @ 2% on net sales which is? 4.80.000
The divisible net profit of the firm is? 1.26.000. During the year, Jayant and Paresh had withdrawn
96 Son respectively for their personal use.​

Answer 1

Answer:

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