49. Roli and Moli started a partnership business on 1 st April, 2018 . They contributed ₹ \( 2,00,000 \) and X 1,50,000 respectively as their capitals. The terms of the partnership agreement are given below:
(i) Roli provides her personal office to the firm for business use and charging yearly rent of ₹ \( 3,00,000 \) which is credited to her account.
(ii) \( 20 \% \) of profit to be transferred to General Reserve.
(iii) Roli and Moli to get a monthly salary of \( ₹ 5,000 \) and \( ₹ 7,500 \) respectively.
(iv) Moli is entitled to a fixed commission of \( ₹ 17,500 \).
(v) Interest on
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(vi) Sharing of profit or loss will be in the ratio of their capital contributions.
Profit for the year ended 31st March, 2019 before providing rent to Roli and above appropriations was \( ₹ 6,13,437 \). Drawings of Roli and Moli were \( ₹ 1,00,000 \) and \( ₹ 1,25,000 \) respectively.
Pass necessary Journal entries relating to rent and appropriations out of profits. Prepare Profit and Loss Appropriation Account and Parnters' Capital Accounts assuming that capitals are (a) Fluctuating and (b) Fixed.
