ON 1st April , 2018precious ,Noble andPerfect enteredinto parnership withcapiralsofRs. 60,000Rs. 50,000and Rs, 30,000respectively PerfectadvancedRs.10.000 as loanto thepartnershipon 1stoctober, 2018,theparnershipDeed Ontainedthe followingclauses : (i)Intereston capital@ 6%p.a . (ii)Intereston drawings @ 6%p.aEachDrew Rs. 4.000 at theendeachquartercommencingfrom31 th june , 2018 (iii)Workingpartners preciousandNoble to getsalry of Rs. 200 and Rs.300 per monthrespectivelyltbr. (iv) nterest on loanwasgivento perfect@ 6%p.a (v)Nobleis togetrentof Rs.2,000 permonth for useof hisbullidingby thefirmit is paidhim bychequeat theend ofeverymonth.(vi)Profits and losses areto besharedin theratioof 4:2:1 up toRs. 70,000and aboveRs. 70,000equally . Profitof thefirmfor theyearended31st March2019(before the aboveadjusment) wasRs. 1,35,000Preparea profitand Loss appropriationaccountandcapitalAccounts OfPArtnersifCapitalsare fixed .

ON 1st April , 2018precious ,Noble andPerfect enteredinto parnership w

1.	ON 1st April , 2018precious ,Noble andPerfect enteredinto parnership withcapiralsofRs. 60,000Rs. 50,000and Rs, 30,000respectively PerfectadvancedRs.10.000 as loanto thepartnershipon 1stoctober, 2018,theparnershipDeed Ontainedthe followingclauses : (i)Intereston capital@ 6%p.a . (ii)Intereston drawings @ 6%p.aEachDrew Rs. 4.000 at theendeachquartercommencingfrom31 th june , 2018 (iii)Workingpartners preciousandNoble to getsalry of Rs. 200 and Rs.300 per monthrespectivelyltbr. (iv) nterest on loanwasgivento perfect@ 6%p.a (v)Nobleis togetrentof Rs.2,000 permonth for useof hisbullidingby thefirmit is paidhim bychequeat theend ofeverymonth.(vi)Profits and losses areto besharedin theratioof 4:2:1 up toRs. 70,000and aboveRs. 70,000equally . Profitof thefirmfor theyearended31st March2019(before the aboveadjusment) wasRs. 1,35,000Preparea profitand Loss appropriationaccountandcapitalAccounts OfPArtnersifCapitalsare fixed .
Answer» Solution : Note : 1.if thefixedamountis withdrawn at THEENDOF eachquarterthe yearinterestwill becharged on thewholeamount for`4^(1/2)` monthsthusinterest N drawings to bechangedfromeach partnerwill be : `("totalDreings "xx"Rate OFINTEREST ")/(100)xx(4^(1/2))/(12)=Rs. 16,00xx1/12xx6/10=Rs 360 ` 2.Intereston loanfromperfectan rentpayabletoNoblearecharges againstprofit.

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