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Illustration 3 Mathew and Mahesh entered …

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Illustration 3 Mathew and Mahesh entered into a partnership as on 1st Jan 1982. The agreement provided, among other things the following: 1) Mathew and Mahesh to be contribute rupees 30,000 and 20,000 respectively, by capital. 2) Profit and Losses are to be shared as to Mathew 2/3 and Mahesh 1/3. 3) Mahesh is to be paid an annual salary of rupees 1,500. 4) Partners are to be paid interest on capitals @ 6% per annum. The Frim’s Profit and Loss A/C for the year ending 31st Dec, 1982 showed a net profit of rupees 6,000 after charging partner’s salary and interest on capital. During the year 1982 Mathew and Mahesh withdrew rupees 3,000 and rupees 2,000 respectively.

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