Question

suman,ajoy and zakhir are partneres in a firm with a capitals of ₹80,000, ₹1,00,000 and ₹60,000 respectively on 1st April, 2016. The partnership agreements provides the following : partners are allowed interest on capital @10% per annum and interest on drawings to be charged @12% per annum. zakhir to get a salary of 1,250 per month. suman and ajoy to get 7% commission on net profit. drawings of the partners : suman ₹10, 000,ajoy ₹6000 and zakhir ₹ 8000. net profit of the firm during the year ended 31st march, 2017 ₹90, 000. profit and losses shall be shared as upto ₹25,000 in the ratio 5 : 3 : 2 and above ₹25, 000 equally. ​

Answer 1

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