Question

Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on January 01, 2015. During the year they earned a profit of Rs 30,000. According to the partnership deed both the partners are entitled to Rs 1,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs 12,000 for Tripathi, Rs 8,000 for Chauhan. Prepare Partner’s Accounts when, capitals are fixed.

Answer 1

Answer:

According to Provided data partners account will be:

Answer 2

The solution is given in the attachment. Hope it will help you.

Explanation:

You need to note that profit is given in the question. So first we need to create the profit and loss appropriation account. From that we will get the share of profit to be distributed to these partners. In the attachment i have prepared appropriation account too.

Hope this will help you. share your response.