Question

P2. Sonu and Monu are partners in a firm with capital of * 3,00,000 and * 2,00,000 respectively. Sonu gave a
loan of *1,50,000 to the firm. The profit of the firm before allowing interest on loan amounted to *
75,000 for the year ending 31** March, 2019. Show distribution of profit after considering the followings:

(1) Interest on capital be allowed @ 5% p.a.

(11) Interest on drawing is charged @ 6% p.a. Drawings of Sonu and Monu during the year were
50,000 and 40,000 respectively.

(111) Sonu is allowed commission @ 1% on sales which is 3,00,000

(iv) Monu is entitled to a commission @ 5% of net profit after charging commission of Sonu and his
own

(v)10% of divisible profit be transferred to Reserve Account​

Answer 1

Answer:

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