Question

2,5
ILLUSTRATION 11.
X and Y are partners in a firm. Their capitals as on April 1, 2017 were *2,50,360°
and 1,80,000 respectively. They share profits equally. On July 1, 2017, they decided
that their capitals should be *2,00,000 each. The necessary adjustments in the capitals
were made by withdrawing or introducing cash. According to the partnership deed,
interest on Capital is to be allowed at 8% p.a. X is to get an annual salary of 4,000 and
Y is allowed a monthly salary of 800. It was found that Y was regularly withdrawing
his monthly salary.
The manager of the firm is entitled to a commission of 10% of the profit before
any adjustment is made according to the partnership deed.
Net profit for the year ended on 31st March, 2018, before charging interest on
capital and salary, was 380,000. Prepare the profit and loss appropriation account,
partner's capital accounts and current accounts.
OSS ACCOUNT​

Answer 1

Answer:

A Bank's Balance Sheet. A balance sheet is an accounting tool that lists assets and liabilities. ... The net worth is the asset value minus how much is owed (the liability). A bank's balance sheet operates in much the same way. A bank's net worth is also referred to as bank capital.

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