Question

Sameer and Yasmin are partners with capitals of Rs.l5,00,000andRs. 10,00,000 respectively. They agree to share profits in the ratio of3:2. Show how the following transactions will be recorded in the capital accounts of the partners in case: (i) the capitals are fixed, and (ii) the capitals are fluctuating. The books are closed on March 31, every year. Particulars Sameer Yasmin (Rs.) (Rs.) Additional capital contributed 3.00.000 2.00.000 on July 1 respectively. Interest on capital 5% respectively ,Drawings (during 2005) 30,000 20,000 respectively, Interest on drawings 1,800 1,200 respectively, Salary 20.000 for sameer Commission 10,000 7,000 respectively, Share in loss 60,000 40,000 respectively for the year 2005 show the solutions
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Answer 1

Answer:

Show how the following will be recorded in the Capital Accounts of the Partners Sohan and Mohan when their capitals are fluctuating:

Sohan (Rs.) Mohan (Rs.)

Capitals on 1st April, 2017 4,00,000 3,00,000

Drawings during 2017-18 50,000 30,000

Interest on Capital 5% 5%

Interest on Drawings 1,250 750

Share of Profit for 2017-18 60,000 50,000

Partner's Salary 36,000 ....

Commission 5,000 3,000