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Lokesh and Azad are partners sharing …

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Lokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of Rs. 1,00,000 and 60,000, respectively. Interest on capital is agreed to be paid @ 6% p.a. Azad is allowed a salary of Rs. 5,000 p.a. During 2016, the profits prior to the calculation of interest on capital but after charging Azad’s salary amounted to Rs. 25,000. A provision of 5% of profits is to be made in respect of manager’s commission. Prepare partner’s capital accounts and profit and loss Appropriation Account.
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