Question

A and b are partners with capitals of 5.00.000 and 300000 respectively. the profit for the year ended 31st march 2016 was 346000 before allowing interest on partner's loan. show the distribution of profit after taking the following 1) interest on a's loan of 1,50,000 to the firm provided on 1st april 2015 (ii) interest on capital to be allowed @ 5% p.a. (iii) interest on drawings @ 6% p.a. drawings were a 60,000 and b 40,000 (iv) b is to be allowed a commission of 2% on sales. sales for the year wer 3000000 (v) 10% of the divisible profits is to be kept in a reserve account.​

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