Question

2. Bijan and Sambhu are partners in a firm. Their assets and liabilities as on 31st March, 2017 were : Stock
*5,000 ; Machinery 15,000 ; Debtors * 4,000 ; Cash at bank 3,500; Cash in hand 500; Creditors 3,000.
Their capital accounts as on 1st April, 2016 were Bijan 12,000 and Sambhu 7,000.
Bijan and Sambhu drew during the year 2,000 and 1,000 respectively.
What will be the Net Profit for the year 2016-17 ? Calculate also the Share of Profit of each Partner.​

Answer 1

Answer:

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