Question No 54 Of TS Grewal (CBSE)
Ali and Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, stand as Ali Rs. 2,50,000 and Bahadur Rs. 2,00,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the year ended 31st March were Rs. 35,000 and Rs. 25,000 respectively. Profit for the year, before allowing interest on capital and yearly salary of Bahadur @ Rs. 30,000 was Rs. 4,00,000. 10% divisible profit is to be transferred to Reserve. Prepare Partner’s Current Account recording the above transactions.
Solution No 54 Of TS Grewal (CBSE)