PK and AK were sharing profits in the ratio of 2:3. The following was the balance sheet of the firm as at 31st March 2021: | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
The profits Rs.40,000 for the year ended 31st March 2021 were divided between the partners without allowing interest on capital 5% p.a. and commission to AK @ 1,000 per quarter. | ||||||||||||||||||||||||||||||
The drawings of the partners during the year were: PK Rs.2,500 per month and AK 10,000 per quarter. Partnership deed was silent on interest on drawings. | ||||||||||||||||||||||||||||||
Opening Capital of AK was: |
A) 1,20,000
B) 1,22,000
C) 1,24,000
D) 1,26,000
Correct Answer: D
Solution :
1,26,000You need to login to perform this action.
You will be redirected in
3 sec