Question

A. B and Care in partnership. On 1st April, 2018 their capitals were: 45,00,000 (Credit), B3,00,000 (Credit) and C40,000 (Debit). As per partnership deed Interest on Capital is to be allowed @ 6% p.a. and Interest on drawings is to be charged @ 8% p.a. You find that: (1) On 1st July 2018, A withdrew 1,00,000 against capital; (ii) B withdrew 5,000 p.m. during the year. (iii) C withdrew 260,000 during the year. The profit for the year ended 31st March, 2019​

Answer 1

Answer:

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