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8. (P & L App. Ale, Capital Alcs) On January 1, 2016 John and Robert commenced
business as partners with an initial capital of 20,000 and 30,000 in their respective
accounts. The partnership deed provided inter-alia that
DISTRIBUTION OF PROFITS
Profit/loss shall be shared in the ratio of 2 : 3 as between John and Robert.
(1) Partners shall be entitled to interest on capital at the commencement of each
year at 6% p.a. and
(i) Interest on drawings shall be charged at 8% p.a.
During the year ended 31-12-2016 the firm made a profit of 3 19,280 before adjustment
of interest on capital and drawings. The partners withdrew during the year * 3,000
each at the end of every quarter commencing from 31-3-2016.
You are required to open a profit and loss adjustment account.
Show also the capital accounts of the partners for the year. (C.A. Entrance November)
[Ans. Net profit to John 6,800 ; Robert 10,200 ; Balance in capital accounts John
15,640; Robert 29,640].
9. (P&L App. Alc, Fluctuating Capital A/cs) On 1st January, 2016 A and B enter into
partnership contributing 40,000 and 30,000 respectively and sharing profits and​

Answer 1

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