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X and Y are partners sharing profits and losses in the ratio of 3 : 2. They employed Z as their Manager to whom they paid a salary of 7,500 per month. Z had deposited 2,00,000 on which interest was payable 9% p.a. At the end off the accounting year i. e. , 31stMarch, 2018 2017-18 afterdivisionoftheyear′sprofits, it was decided that Z should be treated as a partner with effect from 1st April, 2014 with 1/6th share of profits, his deposit being considered as capital carrying interest @ 6% p.a. like capitals of other partners. The firm's profits and losses after allowing interest on capitals were – 2014-15:
Profit 5,90,000; 2015-16: Profit 6,26,000; 2016-17: Loss 40,000 and 2017-18: Profit 7,80,000.
Record necessary Journal entries to give effect to the above
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