Question

X, Y and Z are in partnership. They share profits X two fifths Y two fifths and Z one fifth. Thr partnership agreement provides that interest at 8% p.a. shall be paid on credit balance of each partner's Capital Account at the beginning of each financial year, that no interest is to be charged on trading profit after charging his salary but before charging interest capital. The balance of Capital Account at 1st January,2019, are: X rs 40000 Y rs 30000 and Z rs 10000. Drawings during the year amount to : X rs 13000, Y rs 9250 and Z rs 12000. The trading profit for the year ending 31st December 2019 was rs 36500. Prepare:​

Answer 1

Answer:

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