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in Accounting for Partnership – Basic Concepts by (25.6k points)
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Anil and Sunil commenced business as partners on 1st April 2008. Anil contributed Rs. 125000 and Sunil contributed Rs.75000 as their share of capital. The partners decided to share profits and losses in the ratio of 2:1. Anil was entitled a salary of Rs.1500 per month. Interest on capital was to be provided @ 6% p.a.

The drawings of Anil and Sunil for the year ending 31st (March 2009) were Rs. 12000 and Rs.24000 respectively. The profits of the firm after providing for Anil’s salary and interest on capital were Rs.36000. Draw up the capital accounts of the partners when; 

a) Capital are fluctuating 

b) Capital are fixed.

1 Answer

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Best answer

a) Capital are fluctuating Partner’s Capital A/c

b) Capital are fixed Partner’s Capital A/c

Partner’s Current A/c

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