Question

ILLUSTRATION 9.
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2 with
capitals of 5,00,000 and 32,50,000 respectively on 1st April, 2017. Each partner is
entitled to 10% p.a. interest on his capital. A is entitled to a commission of 10% on net
profit remaining after deducting interest on capitals but before charging any
commission. B is entitled to a commission of 8% of net profit remaining after
deducting interest on capitals and after charging all commissions. The profits for the
year ended 31st March, 2018 prior to calculation of interest on capital was 3,75,000.
Prepare necessary journal entries.​

Answer 1

Answer:

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