Question

X and y are partners as on 1st april the capital of the firm was 45000 out of which 30000 stood to the credit of x and 15000 to the credit of y .profit and loss are to be divided in ratio 2:1 . During year ended 31st march 2016 y drawings were 3000. both x and y are entitled to annual salary of 5000 each and interest on capital 5% . It was given that combined closing capital of X and Y on 31st march is 100000​

Answer 1

Explanation:

Drawings 3000_2:1

X=2000

Y=1000and,

Annual salary 5000,

One year salary 60000.

X:40000

Y:20000

Closing capital of x and y:

X:66667

Y:33333.