PALI SOPP: Saith Jones 0 0 0 0 5000 5000 E-2 (AL) Smith and Jones decided to go into partnership. Smith would contribute 30000 and Jones would contribute 20000. It was agreed that Jones would work in the business and receive a salary of 5 000 per annum. An interest of 10 per cent per annum was to be allowed on the capital accounts and the partners were to share the remaining profit in the ratio of 60 per cent for Smith and 40 per cent for Jones. pict profit 140000 less salaries-Jones (5000) less interest on Capital current account: opening balance drawing interest on drawing 0 salaries salaries paid interest on capital 3000 2000 residual profit 140000 52000 78000 net profit remaining protet OP21 pprop ocapital A Cont SOFF