X and Yenteredinto partnership on 1st April ,2017theircapitals as on 1st April,2018wereRs. 2,00,000 andRs. 1,50,000 respecttivalyon 1st October,2018X gaveRs, 50,000as loanto thefirmAs per theprovisionsof the partnership Deed : (i )20%of profitbefore chargingintereston drawings butaftermakingappropriationwasto betransferred o general Reserve .(ii)intereston capital at 12% p.a andintereston drawing@10% p.a(iii)X to get monthlysalaryofRs. 5,000and Yto getsalaryfo Rs. 22,500 perquarter . (iv)X is entitledto a commissionof 5%on salessalesforthe yearwereRs. 3,50,000 (v)profitto be sharedin theratioof thiercapitals up to Rs. 1,75,000andbalanceequallyprofitfor theyearended31st March,2019beforeallowingor charginginterestwas Rs.4,61,000thedrawings of Xand YwereRs., 1,00,000and Rs, 1,25,000respectively passthe necessaryjournalenterisrelatingtoappropritaionoutprofit prepareprofit and Lossappropriation Account and thepartners capitals accounts .

X and Yenteredinto partnership on 1st April ,2017theircapitals as on 1

1.	X and Yenteredinto partnership on 1st April ,2017theircapitals as on 1st April,2018wereRs. 2,00,000 andRs. 1,50,000 respecttivalyon 1st October,2018X gaveRs, 50,000as loanto thefirmAs per theprovisionsof the partnership Deed : (i )20%of profitbefore chargingintereston drawings butaftermakingappropriationwasto betransferred o general Reserve .(ii)intereston capital at 12% p.a andintereston drawing@10% p.a(iii)X to get monthlysalaryofRs. 5,000and Yto getsalaryfo Rs. 22,500 perquarter . (iv)X is entitledto a commissionof 5%on salessalesforthe yearwereRs. 3,50,000 (v)profitto be sharedin theratioof thiercapitals up to Rs. 1,75,000andbalanceequallyprofitfor theyearended31st March,2019beforeallowingor charginginterestwas Rs.4,61,000thedrawings of Xand YwereRs., 1,00,000and Rs, 1,25,000respectively passthe necessaryjournalenterisrelatingtoappropritaionoutprofit prepareprofit and Lossappropriation Account and thepartners capitals accounts .
Answer» Answer :INTEREST on CAPITAL ;X-RS. 24,00;Y -Rs, 18.000 salary :X-Rs. 60,000 ;Y -Rs. 90,000 ;commission x0-Rs. 17,500 ; interest on Drawings s;X-Rs. 5,000 ;Y -Rs. 6,250; share OFPROFIT ;X-Rs. 1,18,125; Y- Rs. 93,125 ; Capital Balance ;X-Rs. 3,14,625 ;Y Rs. 2,19,875; intereston X'sLoan;Rs. 1,500 transferto generalreserve-Rs, 50,000.

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