![]() ![]() (ii) Karan was guaranteed a profit of ₹ 5,00,000 and Jay guaranteed that he will earn an annual fee of ₹ 2,00,000. (i) A monthly salary of ₹ 15,000 each to Jay and Vijay. Their partnership deed provided the following: ![]() Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : l. ![]() Pass necessary journal entries for the above transactions in the books of Sonu and Rajat. The turnover of the firm for the year ended 31 st March, 2018Īmounted to ₹ 20,00,000. The net profit as per Profit and Loss Account for the year ended 31 st March, 2018 was ₹ 4,89,950. Sonu withdrew ₹ 20,000 on 1 st December, 2017 and Rajat withdrew ₹ 5,000 at the end of each month. It also provided that interest on capital be allowed 8% p.a. The partnership deed provided that Sonu was to be paid a salary of ₹ 20,000 per month and Rajat a commission of 5% on turnover. They contributed ₹ 8,00,000 and ₹ 6,00,000 respectively as their capitals and decided to share profits Sonu and Rajat started a partnership firm on April l, 2017. ![]()
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