Question

Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 2:1

Their capitals were Rs.60,000 and Rs.40,000 as on April 01, 2016. During the year they

earned a profit of Rs. 30,000. According to the partnership deed both the partners are

entitled to Rs. 2,000 per month as Salary and 5% interest on their capital. They are also

to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs.

10,000 for Ram Rs. 6,000 and for Rahim. Prepare Partner’s Accounts when, capitals are

fixed.​

Answer 1

Explanation:

AC

Calculation of Capital balance in the beginning:

Particulars Ram Mohan

Capitals at the end of the year 24000 18000

Less: Profit already credited (8000) (8000)

Add: Drawings already debited 4000 6000

Capital at the beginning of the year 20000 16000

Note: Interest on capital is always calculated on the opening balance of the partner's capital.

Ram's interest on capital= 20000 * 5/100

= 1000

Mohan's interest on capital= 16000 * 5/100

= 800

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Answer 2

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