Question

On 1 April, 2001. Rajiv and Rajni commenced business as partners with an initial capital of Rs. 40,000 and Rs. 60,000in their respective accounts. The

partnership deed provides, inter alia, that-

Profits and losses shall be shared in the ratio of 2: 3 as between Rajiv and Rajini

Partners shall be entitled to interest on capital at the commencement of each year at 15% per annum.

Interest on drawings shall be charged at 18% per annum.

Rajiv shall get a salary oft Rs. 1,500 per month.

During the year ended 31 March 2002, the firm made a profit of Rs. 51,380 before adjustment of interest on capital and drawings. The partner

withdrew during the year Rs. 3,000 each at the end of every quarter commencing from 30 June, 2001.

Prepare Profit and Loss Appropriation Account and the Capital Accounts of Rajeev and Rajni.

[ Ans. Interest on drawings: Rajiv Rs. 810; Rajni Rs. 810; Capital Rajiv Rs. 59,190; Rajui Rs. 68,190​

Answer 1

Answer:

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