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.
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Answer 1

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