Question

Q35 Prepare the current Accounts of Partners X and Y for the year ended 31st December,
Х
Y
Rs.
Rs.
Balance of Capital Accounts on 1st Jan, 1997
3,00,000 2,00,000
Balance of Current Accounts on 1st Jan. 1997
16 640 (Cr.) 4,800 (Dr.)
Rs. 2.000 per
Drawings of the partners
Rs. 1,000 per
Month drawn in month drawn at
the beginning of the end of each
each month month
Interest on Capitals @ 12% p.a.
?
?
Interest on Drawings @ 12% p.a.
?
2
Salary of Partners
Rs. 9,000 Rs. 6,000
Share of Net Loss
Rs. 12,000 Rs. 8,000
(Ans:- Interest on Capital : X-Rs. 36,000; Y-Rs. 24,000; Interest on Drawing: X-
Rs. 1,560; Y-Rs. 660; Balance of Current Account: X-Rs. 24,080; Y-Rs.4,540)

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Answer 1

Answer:

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