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प्रश्न
Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2017.
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||||
|
Mannu’s Capital |
30,000 |
40,000 |
Drawings : |
|
|||
|
Shristhi’s Capital |
10,000 |
Mannu |
4,000 |
6,000 |
|||
|
Shristhi |
2,000 |
||||||
|
Other Assets |
34,000 |
||||||
|
40,000 |
40,000 |
||||||
Profit for the year ended March 31, 2017 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
उत्तर
Adjustment of Profit
|
|
Mannu’s |
Shrishti |
|
Total |
|
Interest on Capital |
1,500 |
500 |
= |
2,000 |
|
Less: Interest on Drawings |
(120) |
(60) |
= |
(180) |
|
Right distribution of Rs 1,820 |
1,380 |
440 |
= |
1,820 |
|
Less: Wrong distribution of Rs 1,820 (3 : 2) |
(1,092) |
(728) |
= |
(1,820) |
|
Adjusted Profit |
288 |
(288) |
= |
NIL |
Adjusting Journal Entry
| Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
| Shrishti's Capital A/c Dr To Mannu's Capital A/c (Adjustment of profit made) |
288 | 288 |
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