Question - 16

Lokesh and Azad are partners in a firm they share profit and loss in the ratio 3:2 their respectively capital are Rs. 50,000 and Rs. 30,000 partners allowed 6% interest on capital and Azad's salary is allowed Rs. 2,500 p.a. After the release of Azad's salary during the year 2002 the amount of profit is 12,500 in this 5% of the amount of profit is the manager in the firm of a commission.
Prepare an account showing the dividend of profit and loss approprieation A/c and Partner's capital A/c.

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