Question

Xavier and Yusuf were partners in a firm sharing profits and losses in the ratio of 3:2. Their
Question 13:
capitals on 1st April, 2004 stood at750,000 and 30,000 respectively. They made a profit
of 40,000 for the year ending 31st March, 2005 and distributed the same after allowing
interest on capital @ 6% p.a. April, 2005 they decided to take Zenith, the manager of the firm
as a partner with a sixth share as a mark of appreciation of his service with effect from 1st
April, 2004. His security deposit off20,000 bearing interest @ 8% p.a. was to be regarded as
his capital for which interest was to be allowed @ 6% p.a. His salary @450 p.m. as a
manager would not be granted to him when he was taken as partner.
Show the adjustment entry to give effect to the new arrangement

Answer 1

Answer:

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