Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 2:1 Their capitals were Rs.60,000 and Rs.40,000 as on April 01, 2016. During the year they earned a profit of Rs. 30,000. According to the partnership deed both the partners are entitled to Rs. 2,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs. 10,000 for Ram Rs. 6,000 and for Rahim. Prepare Partner’s Accounts when, capitals are fixed.

Ram and Rahim are partners in a firm sharing profits and losses in the

1.	Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 2:1 Their capitals were Rs.60,000 and Rs.40,000 as on April 01, 2016. During the year they earned a profit of Rs. 30,000. According to the partnership deed both the partners are entitled to Rs. 2,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs. 10,000 for Ram Rs. 6,000 and for Rahim. Prepare Partner’s Accounts when, capitals are fixed.
Answer» TION:ACCalculation of Capital balance in the beginning: Particulars Ram Mohan Capitals at the end of the year 24000 18000 Less: Profit ALREADY credited (8000) (8000) Add: Drawings already debited 4000 6000 Capital at the beginning of the year 20000 16000 Note: Interest on capital is always calculated on the opening balance of the PARTNER's capital.Ram's interest on capital= 20000 * 5/100 = 1000Mohan's interest on capital= 16000 * 5/100 = 800Hope it HELPS Plzz mark as brainliest ✌️✌️

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