Question

31.
On 1st Jan. 2001 the balances of X & Y were as follows:
Capital Account (Rs.)
X
1,00,000
Y
30,000
Current Account (Rs.)
10,000 (Cr.)
2,000 (Dr.)
On 1st July, 2001 x withdrew Rs.20,000 from his capital and Y Introduced Rs.10,000 as further
was Rs.40,000 and drawings of X & Y were Rs.12,000 and Rs.8,000 respectively.
Required : Show the capital and current accounts in columnar form.
[ Ans : Profit : X Rs.17,100 ; Y Rs. 11,400 ; Capital Account balances : X Rs.80,000, Y
Rs.40,000; Current Account balances : X Rs.20,500, Y Rs.3,500 ]
capital on the same date. According to the Deed, Interest on Capitals is to be allowed at 6% per
annum but no interest to be allowed or charged on current account balances and drawings. X is
entitled to 3/5 and Y to 2/5 of the profit. The manager of the firm is entitled to a commission of
10% of the profit before any adjustment is made according to the Deed. During 2001 the profit​

Answer 1

sorry I don't know what is the answer.