Seema and Reema are partners in M/S S. R enterprises. They have started business of ready made garments on 1st April 2012 on which date they contribute rs. 5,00,000 each as their initial capitals. They contribute further capital of rs. 1,50,000 and rs. 1,00,000 on 1st October and 1st November 2012 respectively. On 1st February 2013, seema has withdrawn rs. 20,000 and Reema has withdrawn rs. 15,000 for their personal use. As the provisions of partnership deed interest on capital is allowed @12% p.a and interest on drawings is charged @9% p.a. Seema is entitled to get salary rs. 1800 per month, whereas Reema is allowed to get commission @5% on net sales. During the year net sales were rs. 2,50,000 and net profit earned during the year is rs. 60,000.
open 1) Fixed capital method
2) Fluctuating Capital
method.
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Explanation:
capital of rs. 1,50,000 and rs. 1,00,000 on 1st October and 1st November 2012 respectively. On 1st February 2013, seema has withdrawn rs. 20,000 and Reema has withdrawn rs. 15,000 for their personal use.
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