Sam, Tom and Ram are partners in a firm sharing
profits and losses in the proportion of 2:2:1. There
capitals are Rs 20, 000, Rs 15, 000 and Rs 12, 000
respectively. It was agreed to allow interest on
capital at 5% p.a. Ram allowed an annual salary of Rs
3,000 during the year. Sam withdrew Rs 2,000, Tom
withdrew Rs 3, 000 and Ram Rs 1, 000. Tom entitled
to get a commission of Rs 300. The Net profit before
adjusting the above is Rs 25000.
Prepare partners capital account under Fixed capital
method.
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