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Homework answers / question archive / X, Y and Z are in the partnership and on Ist April, 2023, their respective capitals were 72,00,000; 71,20,000 and & 1,00,000

X, Y and Z are in the partnership and on Ist April, 2023, their respective capitals were 72,00,000; 71,20,000 and & 1,00,000

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X, Y and Z are in the partnership and on Ist April, 2023, their respective capitals were 72,00,000; 71,20,000 and & 1,00,000. Y is entitled to a salary of 725,000 and Z 220,000 per annum, payable before division of profits. Interest is allowed on capital at 5% per annum but is not charged on drawings. Of the net divisible profits of the first &1,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent, over that amount profits are shared equally. The profit for the year ended 31st March, 2024, after debiting partnership salaries, but before charging interest on capitals, was ·1,81,000 and the partners had drawn 78,000 each. Prepare partners' capital accounts

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