Q. 105.(HOTS) Alex, John and Sam are partners in a firm. Their capital accoumb on 1 st April, 2021, stood at \( ₹ 1,00,000 \), ₹ 80,000 and \( ₹ 60,000 \) respectively.
Each partner withdrew \( ₹ 5,000 \) during the financial year 2021-22.
As per the provisions of their partnership deed :
(a) John was entitled to a salary of ₹ 1,000 per month.
(b) Interest on capital was to be allowed @10\% per annum.
(c) Interest on drawings was to be charged @4\% per annum.
(d) Profits and losses were to be shared in the ratio of their capitals.
The net profit of \( ₹ 75,000 \) for the year ended 31 st March 2022 , was divided equaly amongst the partners without providing for the terms of the deed.