Question

Rony and James are the partners of Saj Traders. They follow fixed capital method. On 1st Ap 2006 James had 3,00,000 in his capital account and 37,000 (credit balance) in his curr account. During the year ended 31st March 2007 James withdrew 44,000 for his person purpose. As per the agreement each partner is to get a salary of 20,000 and interest on capi at 8% per annum. Profit of the business during the year after on adjustments amount to 1,20,000 Show, how the current account of Mr. James would appear.​

Answer 1

Answer:

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