Question

Q. 30. Current Account's Balances as on 1st April, 2017 were as : Amit :
$5,000 (Cr.), Namit : 52,000 (Cr.) and Ruchi : 31,000 (Dr.). Profit sharing ratio was
3:2:1. Amit gets a monthly salary of 1,500.
Amit draws 2,000 on the first day of each month and Namit draws 32,000 on the
last date of each month while Ruchi draws 36,000 at the end of each quarter. Interest
on drawings is to be charged @ 12% p.a. Profits for the year ended 31st March, 2018
before adjustments of interest on drawings and of salary were 374,040. Show Current
Accounts.
[Ans. Divisible Profits 60,000; Current A/c Amit 527,440 (Cr.); Namit 3,320
(Dr.); Ruchi 16,080 (Dr.)]

Answer 1

Answer:

div profit=74040+3960(drawings)-18000(salary)

=60000