Maintenance of Capital Accounts of Partners

Which of the following is true regarding Salary to a partner when the firm maintains fluctuating capital accounts?

List the items which may be debited or credited in the capital accounts of the partners when:
(i) Capitals are fixed
(ii) Capitals are fluctuating

Give two circumstances under which the fixed capitals of partners may change.

List the items which may be debited or credited in the capital accounts of the partners when:

(i) Capitals are fixed

(ii) Capitals are fluctuating

Give two circumstances under which the fixed capitals of partners may change.

Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.

What is meant by 'Issued Capital'?

Giriija, Yatin, and Zubin were partners sharing profits in the ratio 5 : 3: 2. Zubin died on 1^st August 2015. Amount due to Zubin's executor after all adjustments were ₹ 90,300. The executor was paid ₹ 10,300 in cash immediately and the balance in two equal annual installments with interest @ 6% p.a. starting from 31^st March 2017. Accounts are closed on 31^st March each year. Prepare Zubin's Executors Account until he is finally paid.