Partnership

Amit, Babu and Charu set up a partnership firm on April 1, 2022. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000, respectively as their capitals and agreed to share profits and losses in the ratio of 2:2:1. Amit is to be paid a salary of Rs. 1,000 per month and Babu, a commission of Rs. 5,000. It is also provided that interest to be allowed on capital at 6% p.a. The drawings for the year were Amit Rs. 6,000, Babu Rs. 4,000 and Charu Rs. 2,000. Interest on drawings of 300 was charged on Amit's drawings, Rs. 200 on Babu's drawings and Rs. 100, on Charu's drawings. The net profit as per Profit and Loss Account for the year ending March 31, 2023 was Rs. 55,000 before charging manager's commission. Manager was allowed commission @ 10% on net profit after charging such commission.

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