A and B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as 31-03-2020 amounted to 1,60,000 and 1,40,000 for A and B resp. 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.
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Answer :
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Answer:
Explanation:
Closing capital 1,60,000 1,40,000
Add: Drawing 30000 30000
less: Profit 37800 25200
152200 144800
Less: IOC 13836 13164
Opening capital 138364 131636
Total closing capital = 160000 + 1,40,000 = 3,00,000
Add : total drawing = 60,000
Less: Profit = 90,000
Total capital = 270,000
Interest = 10/100 * 270,000
Divisible profit = 90000 - 27000 = 63000
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.