Question

an by X 1,500; Transfer to General Reserve-50,000.)
Ram and Shyam are partners in a firm sharing profits in the ratio of 3: 2. On 1st April, 2020, their fixed
capitals were 3,00,000 and 2,50,000 respectively. On 1st October, they decided that their total capital
(Fixed) should be ?6,00,000 in their profit-sharing ratio. Accordingly, they introduced extra capital or
withdrew excess capital. The Partnership Deed provided for the following:
( Interest on capital @ 12% p.a.
(1) Interest on Drawings @ 18% p.a.
(1) A monthly salary of 2,000 to Ram and a quarterly salary of 4,500 to Shyam.
The drawings of Ram and Shyam were as follows:
Ram Shyam
Particulars
₹
₹
On 30th September, 2020
On 31st December, 2020
20,000
20,000
15,000
25,000
During the year ended 31st March, 2021, the firm earned a net profit of 1,50,000. 10% of this profit was
to be transferred to General Reserve.
You are required to prepare:
0 Profit and Loss Appropriation Account;
(10) Partners' Capital Accounts, and Partners' Current Accounts.​

Answer 1

Answer:

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