Question

Accountancy - Not for Profit Organisation and Pure PALUUNI
41. Kavita and Pradeep are partners, sharing profits in the ratio of 3: 2. They
employed Chandan as their manager, to whom they paid a salary of Rs. 750
p.m. Chandan deposited Rs. 20.000 on which interest is payable @ 9% p.a. At
the end of 2017 (after the division of profit), it was decided that Chandan should
be treated as partner w.e.f. Jan. 1, 2014 with th share in profits. His deposit
being considered as capital carrying interest @ 6% p.a. like capital of other
partners. Firm's profits after allowing interest on capital were as follows:
(Rs.)
2014
Profit
59,000
2015
Profit
62,000
2016
Loss
(4,000)
2017
Profit
78.000
Record the necessary journal entries to give effect to the above.​

Answer 1

Answer:

this is loss.

Explanation:

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