Sameer and Yasmin are partners with capitals of Rs. 15,00,000 and Rs. 10,00,000 respectively. Theyagree to share profits in the ratio of 3:2. Show how the following transactions will be recored in the capital accounts of the partners in case (i) the capitals are fixed, and (ii) the capitals are fluctuating. The books are closed on March 31, every year.
Particulars
Sameer
Yasmin
Additional capital
contributed on July 1, 2005
Interest on capital
5%
5%
Drawings (During 2005)
30,000
20,000
Interest on drawings
1,800
1,200
Salary
20,000
Commission
10,000
7,000
Share in loss for the year
60,000
40,000
2005 10