Question

PROBLEMS WITH SOLUTION
1. Zalak and Parth are partners of a business sharing profits and losses in the ratio of 3:2. On 1-4-2019,
the capital balances of partners are 1,00,000 and 60,000 and their drawings are +20,000 and
$ 15,000 respectively. As per the agreement partners are allowed 10% interest on capital and interest
on drawings is to be charged at 12 % p.a. Zalak is entitled to get commission @ 4 % on net sales
which is 6,00,000 and Parth is to get a salary of * 3,000 per month. Net divisible profit of the firm is
1,20,000.
Prepare Partner's Capital Account for the year ended on 31st March, 2020 under (i) Fixed Capital
Method and (ii) Fluctuating Capital Method.
11
1. INTRODUCTION TO PARTNERSHIP AND PARTNERSHIP FINAL ACCOUNTS​

Answer 1

Answer:

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2)Examples

10,000 respectively. As per the agreement partners are allowed 10% interest on capital and

interest on Drawings is to be charged at 12% p.a. Anand gets salary of 2,500 per month and

Bharat is entitled to get commission @ 3% on net sales which is 3 5,00,000. The firm's profit is

260.000. Prepare partners capital account for the year ended 31st March 2019 under :

1) Fixed Capital Method 2) Fluctuating Capital Method

3Solution : 1) Fixed Capital Method

Partner's Capital A/cs

Cr.

nr.

Anand and Bharat are partners sharing profits and losses in the ratio 2 : 3. On 1.4.2019 the

capital balance are Anand 60,000 and Bharat 30,000 their drawings are 12,000 and