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Question 26 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 26 Chapter 2 - Unimax Class 12 Part 1 - 2021
Question 26 Chapter 2 - Unimax Class 12 Part 1 - 2021

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Question 26 Chapter 2 – Unimax Class 12 Part 1

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26. Show how the following will be recorded in the capital accounts of partners Ram and Sham when their capitals are fluctuating.

 Ram (Rs.)Sham (Rs.)
Capital as on 1st April, 2021600000400000
Drawings20000080000
Interest on Capital8%8%
Interest on Drawings60002400
Share of Profit7500050000
Salary2400018000
Commission75006000

The solution of Question 26 Chapter 2 – Unimax Class 12 Part 1: 

Partner’s Capital Accounts

ParticularsRamSham
ParticularsRam
Sham
To drawings20000080000By Balance b/d600000400000
To Interest on drawings A/c60002400By Profit & Loss Appropriation (Profit)7500050000
To Bal c/d548500423600By Salary A/c2400018000
   By Commission75006000
   By Int. on Capital A/c4800032000
 754500506000 754500506000

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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