In a partnership firm, in the beginning of the year, capital of one partner is ₹80,000. During the year, he introduced ₹7,000 as additional capital. In addition to this, he withdraws ₹2,000 in the middle of every month.
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · December 2013
In a partnership firm, in the beginning of the year, capital of one partner is ₹80,000. During the year, he introduced ₹7,000 as additional capital. In addition to this, he withdraws ₹2,000 in the middle of every month. The firm does not pay any interest on capital but charges 6% interest on drawings. His share of profit after interest on drawings is ₹20,000. At the end of the year, his capital in the firm would be —
Topics: Fundamentals of Accounting and Auditing
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