Question

19. Paras, Vikas and Nitin are partners in a firm. On 1* Jan., 1998, their Capitals wer
10,000, +8,000 and 6,000 respectively and profit and loss sharing ratio is 3:1:1
Interest is paid on capital @ 5% and Paras and Vikas are entitled for a salary of 3 800 22
3600 per annum respectively. The profit of the firm for the year 1998 was 6,200. Each
partners withdrew 500 for personal use at the end of the year. Prepare profit and los
appropriation account and partners' capital accounts from the above transactions when;
(1) Capitals are fixed,
(ii) Capitals are fluctuating.
(Ans. Profit 3,600; Balance of capital are fluctuating paras 12,960; Vikas 9,220
Nitin 36,520 and Balnce of current A/c 2,960; 7 1,220; 3520)​

Answer 1

Answer:

Friction is the force resisting the relative motion of solid surfaces, fluid layers, and material elements sliding against each other. There are several types of friction: Dry friction is a force that opposes the relative lateral motion of two solid surfaces in contact.

Answer 2

interest on capital

partners salary

profit and transferred to partner capital