Fundamental of partnership Part- 3 fluctuating capital DK Goel solutions class 12th Accountancy

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3. Girish and Satish are partners in a firm. Their Capitals on April 1, 2023 were ₹5,60,000 and ₹4,75,000 respectively. On August 1, 2023 they decided that their Capitals should be ₹5,00,000 each. The necessary adjustment in the Capitals were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending March 31, 2024.
Fluctuating Capitals

Q. 4. (A) On 1st April, 2023 A and B commenced business with Capitals of ₹6,00,000 and 2,00,000 respectively. On 31st March, 2024 the net profit (before taking into account the provisions of deed) was 2,40,000. Interest on capitals is to be allowed at 6% p.a. B was entitled to a salary of ₹60,000 p.a. The drawings of the partners A and B were ₹60,000 and ₹40,000

respectively. The interest on Drawings for A being ₹2,000 and B₹1,000. Assuming that A and B are equal partners, prepare the Profit & Loss Appropriation A/c and Partners' Capital Accounts as at 31st March, 2024.

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