Illustration
– 3
From the following
particulars prepare the capital accounts of partners of Sajeev and Rajeev in
both the cases when a) the capitals are fixed and b) the capitals are
fluctuating . books are closed on 31st December 2011.
|
Particulars
|
Sajeev (Rs)
|
Rajeev(Rs)
|
|
Capitals
on 1st January 2011
|
150000
|
125000
|
|
Drawings
|
15000
|
12500
|
|
Partner’s
Salaries
|
10000
|
12000
|
|
Partner’s
Commission
|
9000
|
14000
|
|
Interest
on Partner’s loan
|
2500
|
1000
|
|
Interest
on Capital
|
16000
|
12000
|
|
Interest
on Drawings
|
800
|
500
|
|
Share
of profit
|
30000
|
24000
|
|
Current
a/c balance
|
3500(Cr)
|
3500(Dr)
|
When
Capitals are Fixed
Partner’s
Capital Account
Dr Cr
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
|
|
To
Balance c/d
|
150000
|
125000
|
|
By
Balance b/d
|
150000
|
125000
|
|
150000
|
125000
|
150000
|
125000
|
||||
|
|
|
|
|
Partner’s
Current Account
Dr Cr
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
|
|
To
Balance b/d
To
Drawings
To
Interest on Drawings
To
Balance c/d
|
15000
800
55200
|
3500
12500
500
44900
|
|
By
balance b/d
By
Interest on capital
By
Salary
By
commission
By Interest
on loan
By P&L
Appropriation a/c (Profit)
|
3500
16000
10000
9000
2500
30000
|
12000
12000
14000
1000
24000
|
|
71000
|
63000
|
71000
|
63000
|
||||
|
|
|
|
|
When
Capital Fluctuating
Partner’s
Capital Account
Dr
Cr
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
Date
|
Particulars
|
Sajeev
|
Rajeev
|
|
|
To
Drawings
To
Interest on Drawings
To
Balance c/d
|
15000
800
199200
|
12500
500
174000
|
|
By
Balance b/d
By
Interest on capital
By
Salary
By
commission
By P&L
Appropriation a/c (Profit)
|
150000
16000
10000
9000
30000
|
125000
12000
12000
14000
24000
|
|
215000
|
187000
|
215000
|
187000
|
||||
|
|
|
|
|
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