Question

Y and Z are partners with capitals of Rs. 25,000 and Rs. 15,000 respectively. Each partner is entitled to 9% p.a. interest on his capital. Y is entitled to a salary of Rs. 5000 p.a. together with a commission of 6% of Net Profit remaining after deducting interest on Capitals and Salary but before charging any commission. Z is entitled to a salary of Rs. 6000 p.a. The profits for the year before making any of the above mentioned adjustments amount to Rs. 37000. Prepare Partner’s Capital Accounts: (i) When capitals are fixed, and (ii)when capitals are fluctuating.​

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