L-2. Q.1.Triphati and Chauhan are Partners in a Firm Sharing Profits and Losses in the Ratio of 3:2. Their Capitals Were Rs 60,000 and Rs 40,000 as on January 01, 2015 - Accountancy

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Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on January 01, 2015. During the year they earned a profit of Rs 30,000. According to the partnership deed both the partners are entitled to Rs 1,000 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 12,000 for Tripathi, Rs 8,000 for Chauhan. Prepare Partner’s Accounts when, capitals are fixed.




Partners capital Account

ParticularsTriphatichauhanparticularsTriphatiChauhan
balance b/d6000040000
balance c/d6000040000
60000400006000040000

Partners current Account

ParticularsTriphatichauhanparticularsTriphatiChauhan
Drawings120008000profit and loss(3:2)1800012000
Interest on drawings600400Salary1200012000
balance c/d2040017600Interest on capital30002000
33000260003300026000




Location: India

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