A and B are partners in the ratio of 3 : 2. The firm maintains Fluctuating Capital Accounts and the balance of the same as on 31st March
A and B are partners in the ratio of 3 : 2. The firm maintains Fluctuating Capital Accounts and the balance of the same as on 31st March 2020 amounted to ₹ 1,60,000 and ₹ 1,40,000 for A and B respectively. Their drawings during the year were ₹ 30,000 each.
As per Partnership Deed, interest on capital @ 10% p.a. on opening capitals had been provided to them.
Calculate the opening capital of partners given that their profit was ₹ 90,000. Show your working clearly.
[Ans: Opening Capital: A – ₹ 1,38,364; B – ₹ 1,31,636]
Anurag Pathak Changed status to publish April 11, 2024
