6.Lokesh and Azad are partners sharing profits in the ratio 3:2, with

1.	6.Lokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of Rs. 50,000 and30,000, respectively. Interest on capital is agreed to be paid @ 6% p.a. Azad is allowed a salaryof Rs. 2,500 p.a. During 2006, the profits prior to the calculation of interest on capital but aftercharging Azad’s salary amounted to Rs. 12,500. A provision of 5% of profits is to be made inrespect of manager’s commission. Prepare accounts showing the allocation of profits andpartner’s capital
Answer» ANSWER: PARTNER's Capital Account is ATTACHED in the below mentioned image Explanation:

6.Lokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of Rs. 50,000 and30,000, respectively. Interest on capital is agreed to be paid @ 6% p.a. Azad is allowed a salaryof Rs. 2,500 p.a. During 2006, the profits prior to the calculation of interest on capital but aftercharging Azad’s salary amounted to Rs. 12,500. A provision of 5% of profits is to be made inrespect of manager’s commission. Prepare accounts showing the allocation of profits andpartner’s capital

Answer»

ANSWER:

PARTNER's Capital Account is ATTACHED in the below mentioned image

Explanation:

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