Question

Xand Yare partners sharing profits and losses in the ratio of 3 : 2. They employed Z as their Manager
to whom they paid a salary of 7,500 per month. Z had deposited 2,00,000 on which interest was
payable @ 9% p.a. At the end of the year on 31st March, 2019 (after division of the year's profits), it
was decided that Z should be treated as a partner with effect from 1st April, 2015 with 1/6th share
of profits, his deposit being considered as capital carrying interest @ 6% p.a. like capitals of other
partners. The firm's profits and losses after allowing interest on capitals were—2015-16: Profit
5,90,000; 2016-17: Profit * 6,26,000; 2017-18: Loss 40,000 and 2018-19: Profit * 7,80,000.
Record necessary Journal entries to give effect to the above.
[4 Marks]
Note: Interest on capital is to be allowed as a charge.
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Answer 1

Answer:

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Explanation:

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