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9. Nitin and Vipin are partners …

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9. Nitin and Vipin are partners and share profits and losses in the ratio of 2: 1. Their Capitals are 15,000 and 10,000 respectively. 5% interest per annum has been agreed to be calculated on the capital of each partner and Vipin is to be allowed an annual salary of 3,600 which has not been withdrawn. During the year 2015-16 Nitin withdrew 1,200 and Vipin 7 3,000. The profits for the year prior to calculation of interest on capital but after charging Vipin's salary, amounted to 8,000. A provision of 7% on this amount is to be made in respect of commission to the manager. Show the Partners' Capital and Current Accounts: (a) when capitals are fluctuating, and (b) when capitals are fixed.

Posted by Aprajit Abhi 1 year, 8 months ago

CBSE > Class 12 > Accountancy

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