X, Y and Z are in the partnership and on 1st April, 2017, their respective
capitals were 32,00,000; 31,20,000 and 51,00,000. Y is entitled to a salary of 325,000
and Z 20,000 per annum, payable before division of profits. Interest is allowed on
capital at 5% per annum but is not charged on drawings. Of the net divisible profits of
the first 31,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent,
over that amount profits are shared equally. The profit for the year ended 31st March,
2018, after debiting partnership salaries, but before charging interest on capitals, was
1,81,000 and the partners had drawn 38,000 each. Prepare partners' capital accounts
for the year.
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