Mr. X, Mr. Y and Mr. Z are partners in a partnership firm XYZ sharing having capitals of Rs. 400,000, Rs. 600,000 and Rs. 80,000 respectively. Their partnership agreement is as follows. i. Interest is allowed @ 9% on their capitals ii. Salary to X Rs. 60,000 and Y Rs. 30,000 iii. Commission to Y Rs. 50,000 and Z Rs. 20,000 iv. Bonus to X Rs. 24,000 and Z Rs. 36,000 v. The reaming profit or loss is to be distributed in the ratio of their capital Net loss of the firm is Rs. 200,000 Required: Prepare income distribution summary and general journal entries

The AA Tours Partnership earned P500,000 this year. The partners have equal capital balances, and share profits and losses 1:3. The partners will show share in partnership profit ofa. P250,000 eachb. P250,000 and P750,000, respectivelyc. P125,000 and P375,000, respectivelyd. P500,000 each

Thomas and Anna are in a partnership sharing profits and losses equally. The partnership agreement states that interest on drawings is to be charged at a rate of 10% and interest on capital credited at the rate of 6%. The following information is available about the partners' transactions. The partnership has a year end of 31 December 20X1. Thomas Drawings 30/04/X1 30/06/X1 30/09/X1 Capital account Opening balance Capital introduced in year £20,000 Anna a. Debit of £10,333 O b. Credit of £10,333 O c. Debit of £13,667 Od. Credit of £13,667 £20,000 £10,000 £15,000 £10,000 £10,000 £20,000 £150,000 £200,000 What is the net movement in the current account of Anna in respect of interest on drawings and interest on capital?

Amal, Asma and Maali started a Partnership Firm on January 1, 2021 with capital OMR 30,000 OMR 20,000 and OMR 10,000 respectively and share profits in the ratio of 3:2:1. The Partnership Deed provided that Asma is to be paid Salary of OMR 200 p.m. and Amal Commission of OMR 1,000. It also provided that Interest on Capital be allowed @ 5% p.a. The Drawings for the year were: Amal OMR 1,000, Asma OMR 5,000 and Maali OMR 3,000. Interest on Drawings was OMR 100 for Amal, OMR 50 for Asma and OMR 30 for Maali. The net amount of profit as per the Profit and Loss Account for the year ended 2021 was OMR 24,000. You are required to record the necessary journal entries relating to appropriation of profit and prepare the profit and loss appropriation account and the partners' capital accounts.