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X and Y started business with …

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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.

Posted by Balkrishna Porwal Balkrishna Porwal 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Balkrishna Porwal Balkrishna Porwal 6 months ago

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