Question

46. Prepare Capital Accounts of the Partners Sohan and Mohan from the following information, if their capitals
Capitals on 1st April, 2019
Drawings during the year ended 31st March, 2020
Share of Profit for the year ended 31st March, 2020
Prepare
are fluctuating
4,00,000
50,000
3,00,000
30,000
5% pa
5% pa
interest on Capital
interest on Drawings
750
50,000
1,250
60,000
36,000
5,000
Partners Salary
Commission
3,000​

Answer 1

Explanation:

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PARTNER'S CAPITAL A/C

Dr. Cr.

Particulars Sohan Mohan Particulars Sohan Mohan

To Drawings a/c 50000 30000 By Balance b/d 400000 300000

To interest on drawings a/c 1250 750 By interest on capital a/c 20000 15000

To Balance c/d 469750 337250 By Salary a/c 36000 Nil

By Commission a/c 5000 3000

By profit and loss appropriation a/c 60000 50000

521000 368000 521000

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