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 S.P Suman Kumar 6 months ago
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