Question

(P & L App. Alc, Fixed an
B entered into a partne
to the deed the interest
a monthly salary of 2.000
Current account balances A4,200 (Cr.) B1,300 (Cr.) and C1,100 (Cr.)
Alc. Fixed and Fluctuating Capital Alcs) On 1st January 2016 A and
nto a partnership contributing 24,000 and 10,000 respectively. According
ped the interest on capital and on drawings is @ 15% p.a. A and B shall receive
lary of 2,000 each. A is entitled to 3/5th and B is entitled to 2/5 of profits.
ing the year the following transactions took place.
On 1st July 2016 A withdrew (on permanent basis)* 8,000 from his capital and B
introduced * 4,000 as additional capital.
The drawings of A and B were 12,000 each drawn at different intervals of time
and the interest corresponding to these drawings were 675 and 450
respectively.
GoThe profit for the year before any adjustment is made was 60,000.
Duonare the profit and loss appropriation account and the necessary accounts assuming
that (i) the capitals are fluctuating (ii) the capitals are fixed.​

Answer 1

Explanation:

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