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Question

Aman and Bahadur are partners in a firm, and share profits and losses in the ratio of 2 : 3. The following was the balance sheet of the firm as on 31st March 2021.


Additional information:
The profit of ₹60,000 for the year ended 31st March 2021 was divided between the partners without allowing interest on capital at 10% p.a. and salary to Aman at ₹6,000 per quarter. During the year, Aman withdrew ₹20,000 and Bahadur withdrew ₹40,000.

Calculate the capital at the beginning of the year.

[0.88 marks]

A
Aman - ₹1,20,000; Bahadur - ₹40,000
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B
Aman - ₹1,16,000; Bahadur - ₹44,000
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C
Aman - ₹96,000; Bahadur - ₹4,000
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D
Aman - ₹1,40,000; Bahadur - ₹80,000
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Solution

The correct option is B Aman - ₹1,16,000; Bahadur - ₹44,000
Particulars Aman Bahadur
Capital at the end
(-) Profit
(+) Drawings
1,20,000
(24,000)
20,000
40,000
(36,000)
40,000
Capital at the beginning 1,16,000 44,000

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