Book- Keeping and Accountancy
STANDARD XII
Chapter 1. Introduction to Partnership and Partnership Final Accounts
Page No. in book (10-11)
Examples 3
3) Mr. Amey and Mr. Ashish are partners in a partnership firm titled as M/s. Anand Enterprises sharing profit and losses in the ratio 3 : 2 respectively. On 1st April 2018 their capital balance were: Mr. Amey ` 1,00,000 and Mr. Ashish ` 50,000. Their drawing during the year were : Mr. Amey : ` 20,000 and Mr. Ashish ` 25,000. As per partnership deed 10% p.a. interest is allowed on capital and 12% p.a. interest is charged on drawing Mr. Amey gets salary ` 3000 p.m. and Mr. Ashish is entitled to get commission @ 5% on net sales which is ` 4,00,000. The divisible profit is ` 90,000. Prepare partners capital Accounts for the year ending 31st March 2019 under
1) Fixed capital method 2) Fluctuating Capital Method.
