2 (a) Mohit. Ali and John are in partnership with capitals of 3,00,000 (Credit), 2,50,000
(Credit) and 20,000 (Debit) respectively on 1st April, 2019. The Partnership
Deed provides the following:
(11) Partners are to be allowed interest on capital @ 5% p.a. and are to be charged
(10% of Net Profit to be transferred to General Reserve.
(it) John is to get salary of 3 60,000 p.a.
(iv) Mohit is to get commission of 10% of the profit.
drawings @ 6% p.a.
interest on
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2 (a) Mohit. Ali and John are in partnership with capitals of 3,00,000 (Credit), 2,50,000
(Credit) and 20,000 (Debit) respectively on 1st April, 2019. The Partnership
Deed provides the following:
(11) Partners are to be allowed interest on capital @ 5% p.a. and are to be charged
(10% of Net Profit to be transferred to General Reserve.
(it) John is to get salary of 3 60,000 p.a.
(iv) Mohit is to get commission of 10% of the profit.
drawings @ 6% p.a.
interest on
(Credit) and 20,000 (Debit) respectively on 1st April, 2019. The Partnership
Deed provides the following:
(11) Partners are to be allowed interest on capital @ 5% p.a. and are to be charged
(10% of Net Profit to be transferred to General Reserve.
(it) John is to get salary of 3 60,000 p.a.
(iv) Mohit is to get commission of 10% of the profit.
drawings @ 6% p.a.
interest on
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