Partnership Amit, Babu, and Charu set up a partnership firm on April 1, 2022. They contributed 50,000, 40,000, and 30,000, respectively, as their capitals and agreed to share profits and losses in the ratio of 2:2:1. Amit is to be paid a salary of 1,000 per month and Babu, a commission of 5,000. It is also provided that interest is to be allowed on capital at \(6\%\) p.a. The drawings for the year were: Amit 6,000, Babu 4,000, and Charu 2,000. Interest on drawings of 300 was charged on Amit’s drawings, 200 on Babu’s drawings, and 100 on Charu’s drawings. The net profit as per the Profit and Loss Account for the year ending March 31, 2023, was 55,000 before charging the manager’s commission. The manager was allowed a commission of \(10\%\) on the net profit after charging such commission.