Question

Sarita and Vandana were partners in a firm sharing profits in the ratio of their
capitals contributed on commencement of business which were 4,00,000 and
3,00,000 respectively. The firm started business on April 1, 2016. According to the
partnership agreement :
(i) Every year 50,000 or 10% of the profit, whichever is more, will be donated
for providing school fees of specially abled children.
(ii) Interest on capital is to be allowed at 12% p.a. and interest on Drawings is to
be charged at 10% p.a.
(iii) Sarita and Vandana are to get a monthly salary of 10,000 and 15,000
respectively.
The profits for year ended March 31, 2017 before making above appropriations
was 6,00,000. The drawings of Sarita and Vandana were *2,00,000 and $2,50,000,
respectively. Interest on drawings amounted to $10,000 for Sarita and 12,500 for
Vandana.
You are required to :
(i) Identify the value being highlighted in this case;
(ii) Prepare Profit and Loss Appropriation Account and Partners Capital
Accounts assuming that their capitals are fluctuating.​

Answer 1

Answer:

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