Question

A&B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31-03-2020 amounted to `1,60,000 and `1,40,000 for A and B respectively. Their drawings during the year were `30,000 each. As per partnership deed interest on capital @10% p.a. on opening capitals had been provided to them. Calculate opening capitals of partners given that their profits were `90,000. Show your workings clearly.

Answer 1

Answer:

particular. A. B

closing cap. 160000. 140000

+drawings. 30000. 30000

-profits. (37800). (25200)

total. 152200. 144800

-interst on cap. 13836. 13164

op cap. 138374. 131636