Rahim and Sudesh, the two partners of a business firm, agreed to appropriate the profits of their firm on the following terms :
(a) Interest is payable on capital @ 5% pcr annum.
(b) Rahim will be entitled to a salary of Rs 500 per month.
(c) Interest on loan to be given by the firm to the partners @ 10% per annum.
(d) Interest on drawings to be charged from the partners @ 5% per annum.
(e) Sudesh will get commission @ 1% on the sales made during the year. (f) Rahim is entitled to a tent of Rs 25,000 per annum for allowing the firm to carry on the business in his premises.
The net profit of the firm for the year ended 31st March, 2013, was Rs 1.80,000 before taking into account any of the above terms.