Question

Anand and Barva started a Partnership business on 1st January 1989 with capitals of
Rs.60.000 and Rs.40,000 respectively. On 30th June 1989 Anand introduced further
capital of Rs 20.000. Drawings during the year amounted to Rs.12,000 and Rs.8,000
respectively for Anand and Barva. Interest on capital is to be allowed at 5% p.a. No
interest is to be charged on drawings. Barva is to be allowed a salary of Rs.2.000p.m.
The profit for the year before charging salary and interest amounted to Rs.80,000
You are required to prepare the accounts of the partners presuming:
(i) Capital to be fixed and (ii) Capital to be fluctuating,
[Ans: Profit - Anand : Rs. 25,250: Barva Rs. 25,250;
Fixed Capital Method Current Ale balances: Anand Rs. 16750;
Barva Rs. 43,250; Fluctuating Capital Method
Capital A/e balances: Anand Rs. 96750; Barva Rs. 83.2501​

Answer 1

Answer:

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/C

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/CCANA