Illustration 16 (Fixed Capital Accounts). Prepare Capital Accounts of the Partners from the following particulars, assuming that Fixed Capital Accounts Method is followed: Particulars Piyush (3) Gunjan (3) 5,00,000 50,000 60,000 Capital (As on 1st April, 2020) Drawings Partners Salaries Partners Commission Share of Profit Loan by Piyush Interest on Loan by Piyush Interest on Capitals Interest on Drawings Current A/C 4,00,000 40,000 40,000 50,000 80,000 1,20,000 2,00.000 10,000 50,000 2,500 Solution: Dr. 10,000 (cm) 40,000 2,000 10,000 ( PARTNERS' CAPITAL ACCOUNTS

Illustration 16 (Fixed Capital Accounts). Prepare Capital Accounts o

1.	Illustration 16 (Fixed Capital Accounts). Prepare Capital Accounts of the Partners from the following particulars, assuming that Fixed Capital Accounts Method is followed: Particulars Piyush (3) Gunjan (3) 5,00,000 50,000 60,000 Capital (As on 1st April, 2020) Drawings Partners Salaries Partners Commission Share of Profit Loan by Piyush Interest on Loan by Piyush Interest on Capitals Interest on Drawings Current A/C 4,00,000 40,000 40,000 50,000 80,000 1,20,000 2,00.000 10,000 50,000 2,500 Solution: Dr. 10,000 (cm) 40,000 2,000 10,000 ( PARTNERS' CAPITAL ACCOUNTS
Answer» X and Y are partners SHARING profits and LOSSESIN the ratio of 3:2. X is a non-working partner and contributes Rs.20,00,000 as his capital. Y is a working partner of the firm. The PARTNERSHIP Deed provides for interest on capital @ 8% P.a. and salary to every working partner @ Rs.8,000 per month. Net profit before providing for interest on capital and patner's salary for the YEAR ended 31st March, 2018 was Rs.80,000. Show the distribution of profit.

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