Rathore Furnishings, Inc., has three partnersAli, Bilal, and Zafar. At the beginning of the current...
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Rathore Furnishings, Inc., has three partnersAli, Bilal, and Zafar. At the beginning of the current year their capital balances were: Ali, Rs.180,000; Bilal, Rs.140,000; and Zafar, Rs.80,000. The partnership agreement provides that partners shall receive salary allowances as follows: Ali, Rs.10,000; Bilal, Rs.50,000; and Zafar, Rs.28,000. The partners shall also be allowed 12% interest annually on their capital balances. Residual profit or loss is to be divided: Ali, one-sixth; Bilal, one-half; and Zafar, one-third.
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