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Please with detailed explaination and fast please 9. A and B are partners...

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Accounting

Please with detailed explaination and fast please

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9. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of 35,00,000 and $2,50,000 respectively on 1st April, 2015. Each partner is entitled to 10% p.a. interest on his capital. A is entitled to a commission of 10% on net profit remaining after deducting interest on capitals but before charging any commission. B is entitled to a commission of 8% of net profit remaining after deducting interest on capitals and after charging all commissions. The profits for the year ended 31st March, 2016 prior to calculation of interest on capital was 3,75,000. Prepare necessary journal entries

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