CBSE 2025 · Region 6 · Set 1 · Q17

On 1st April, $\displaystyle 2023$, Jain and Gupta started a partnership firm with fixed capitals of $\displaystyle 15,00,000$ and $\displaystyle 12,00,000$ respectively. They decided to share profits and losses in the ratio of $\displaystyle 3$ : 2. On 1st July, $\displaystyle 2023$, Jain withdrew $\displaystyle 1,00,000$ from this capital and Gupta introduced further capital of ₹ $\displaystyle 2,00$,000. Partnership deed provided for interest on capital @ $\displaystyle 10$% p.a. During the year Jain withdrew $\displaystyle 50,000$ and Gupta withdrew $\displaystyle 60,000$ for their personal use. Interest on drawings was to be charged @ $\displaystyle 18$% p.a. After preparing Profit and Loss Appropriation Account for the year ended 31st March, $\displaystyle 2024$, ₹ $\displaystyle 72,000$ and ₹ $\displaystyle 48,000$ were credited respectively to the current accounts of Jain and Gupta as their share of divisible profit. Prepare Current Accounts of Jain and Gupta.