Question

Illustration 1. Sameer and Yasmin are partners with capitals of 15,00,000 and 10,00,000
respectively. They agree to share profits in the ratio of 3:2. Show how the following transactions will
be recorded in the capital accounts of the partners in case:
(i) The capitals are fixed, and
(ii) The capitals are fluctuating.
The books are closed on 31st December, every year.
Particulars
Sameer (1)
Yasmin (3)
3,00,000
2,00,000
5%
5%
20,000
Additional capital contributed on 1st July, 2005
Interest on capital
Drawings (during 2005)
Interest on drawings
Salary
Commission
Share in loss for the year 2005
1,200
30,000
1,800
20,000
10,000
7,000
1
60,000
40,000​

Answer 1

Answer:

They agree to share profits in the ratio of 3:2 Show how the following transactions will be recorded in the capital accounts of the partners in (i) the capitals are fixed, and (ii) the ...

Answer 2

Fixed and Fluctuating Accounts

Explanation:

Pls refer to the pic below