Book- Keeping and Accountancy
STANDARD XII
Chapter 1. Introduction to Partnership and Partnership Final Accounts
Page No. in book (8)
Examples 1
1) Anand and Bharat are partners sharing profits and losses in the ratio 2 : 3. On 1.4.2019 the capital balance are Anand ` 60,000 and Bharat ` 30,000 their drawings are ` 12,000 and 10,000 respectively. As per the agreement partners are allowed 10% interest on capital and interest on Drawings is to be charged at 12% p.a. Anand gets salary of ` 2,500 per month and Bharat is entitled to get commission @ 3% on net sales which is ` 5,00,000. The firm's profit is` 60,000. Prepare partners capital account for the year ended 31st March 2019 under :
1) Fixed Capital Method 2) Fluctuating Capital Method
ANSWER :
