Question

Q. 32. Current Account's Balances as on 1st April, 2017 were as :- Amit:5,000 (Cr.), Namit: 52,000 (Cr.) and Ruchi : 21,000 (Dr.). Profit sharing ratio was3:2:1. 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 thelast date of each month while Ruchi draws 6,000 at the end of each quarter. Intereston drawings is to be charged @ 12% p.a. Profits for the year ended 31st March, 2018before adjustments of interest on drawings and of salary were *74,040. Show CurrentAccountsAns. Divisible Profits 60,000; Current A/c Amit 27,440 (Cr.); Namit 33,320(Dr.); Ruchi 16,080 (Dr.)]​

Answer 1

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Answer 2

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