Question

X and Y started business with capital of Rs. 1,00,000 and Rs. 60,000 on 1st April 2018. Y is entitled to a salary of Rs. 800 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year X withdrew Rs. 16,000 and Y withdrew Rs. 20,000. The profit for the year before allowing for the terms of the partnership deed came to Rs. 60,000. Assuming the capitals to be fixed , prepare the capital and current accounts of X and Y

Answer 1

Answer:

Explanation:Not sure

Answer 2

Answer: Distributable profit: Rs. 41800

Explanation:

Net profit 60000

Less: Salary (9600)

 I/O/C (6000+3600)

Add: I/O/D (480+600)

 DP:. 41.800