Pg no. X and Y are partners. As per terms of agreement interest is allowed on capital at 8% p.a. and charge on drawing at 10% p.a. X withdrew ₹40,000 pm at the end of each month and Y withdrew ₹ 120,000 at the end of each quarter. You are required to fill the missing figures in following accounts: CA ▇▇▇▇▇ ▇▇▇▇ INTRODUCTION TO PARTNERSHIP ACCOUNTS To …? ? By Profit and Loss A/c ( Net profit) ? To Interest on Capital A/c X 160,000 Y ? 2,88,000 By Interest on Drawings A/c X ? Y ? ? To Profit tfd to Capital A/c X (2/3) ? Y (1/3) 280,000 ? ? ? To ….? ? ? By ….? ? ? To ….? ? ? By Salary A/c 3,60,000 Nil To ….? ? ? By ….? ? ? By ….? ? ? ? ? ? ? Question 6 A, B and C entered into partnership on 1.1.2021 to share profits and losses in the ratio of 5 : 3
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Sources: Partnership Agreement, Partnership Agreement