Question

2 On 1st January 2009, jiwan and satpal enter into a partnership contributing Rs 50000 & Rs 75000 respectively and sharing profit in the ratio of 3:2. Satpal is to allowed a salary of Rs 150 per month with effect from 1st march. Interest on capitol is allowed at 10% per annum. 5% per annum interest is to be charged on the drawings. During the year, jiwan withdrew RS 3000 and Satpal Rs 5000,interest being jiwan Rs 50 and Satpal Rs 100. Jiwan further introduced Rs 25000 as capital on 30th June. Profit in 2009 before making any of the above adjustments was Rs 24000. Show how the profit is to be distributed.

Answer 1

Explanation:

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