Question

A and B are partners in the ratio of 3 : 2 the firm maintains fluctuating capital accounts and the balance sheet of the same as on 31st March 2020 amounted to 160000 and 140000 for A and B respectively. their drawings during the year were 30000 each as per partnership deed interest on capital at 10% per annum on capital accounts had been provided to them. calculate opening capitals of partners given that their profit was 90000 show your workings clearly​

Answer 1

Here is the answer to this question..

Answer 2

Answer:

Explanation:

Calculation of opening capital

        Particulars                                     A                                       B                        

Closing capital                           1,60,000                           1,40,000

Add: Drawings                              30000                               30000

Less: Profit                               37800                                25200

                                                                                                                               

                                                     152200                            144800                    

Less : Interest on capital        13836                                     13164

                                                                                                                                 

Opening capital                     138364                                 131636