Question

Angad, Fateh and Kothari were partners in a firm sharing profits in the ratio of 3 : 4 : 5. The fixed capitals were Angad Rs.2,00,000, Fateh Rs.2,50,000 and Kothari Rs.3,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @6% p.a.
(ii) Salary of Rs.15,000 p.a. to Kothari.
(iii) Interest on partner’s drawings will be charged @12% p.a.
(iv) During the year ended 31.3.2009 the firm earned a profit of Rs.1,35,000. (v) Angad withdrew Rs.5,000, Fateh withdrew Rs.6,000 and Kothari withdrew Rs.7,500 on 31.12.2008.
Pass journal entries.

Answer 1

Answer:

hope this answer helps you!!

Explanation:

divisible profit is 76,185

(it should be shared in their profit sharing ratio 3:4:5)