Question

(Dr.); Bueli <10,000 (
7 32 p. 0 and R were partners and the balance of their capital accounts on 1st
78.00 .000 (Credit):
April 2015 were 8,00,000 (Credit);
5,00.000 (Credit) and 520,000 (Debit)
eatively. As per the terms of partnership agreement interest on capitals is to be
lowed @ 10% p.a. and is to be charged on drawings @ 12% p.a.
Partners withdrew as follows:
(1) P withdrew 10,000 p.m. at the end of each month;
(ii) O withdrew 1,20,000 out of capital on 1st January 2016;
(iii) R withdrew 1,20,000 during the year.
The profit for the year ended 31st March, 2016 amounted to 34,30,000.
You are required to prepare journal entries and partner's capital accounts.
Citol Apunts p8 59 000​

Answer 1

Answer:

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