Question

Illustration 18 (Calculation of Opening Capital).
A and B are partners in a business and their capitals at the end of the year were *7,00,000 and
36,00,000 respectively. Calculate their opening capitals on the basis of the following information:
(a) Drawings of A and B for the year were *75,000 and 50,000 respectively.
(b) B introduced capital of 1,00,000 during the year.
(2) Interest on capital credited to the Capital Accounts of A and B were 15,000 and
10,000 respectively.
(d) Interest on drawings debited to the Capital Accounts of A and B were 7,500 and
5,000 respectively.
(e) Share of profit credited to Capital Accounts was 1,00,000 each.​

Answer 1

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