Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their Fixed Capitals Stood at Rs. 1,00,000, Rs. 50,000 and Rs. 50,000 respectively.  

As per the provisions of partnership deed, 

(i) Partners were entitled to an annual salary of Rs. 20,000 each. 

(ii) Interest on Capital @ 10% p.a. was to be provided. 

(iii) Profits were to be shared in the ratio 3:1:1. Net profit for the year ended 31st March, 2019 was Rs. 90,000. 

Pass Journal Entries for the above in the books of the firm.  

Marks-4, CBSE:2019-20/Main/04/Q-16* 

*

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