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प्रश्न
Suman and Sudha were partners in a firm sharing profits equally. Their fixed capitals were Rs 50,000 and Rs 25,000 respectively. The partnership deed provided interest on capital at the rate of 12% per annum. For the year ended 31stMarch, 2016, the profits of the firm were distributed without providing interest on capital.
Pass necessary adjustment entry to rectify the error.
उत्तर
Adjusting Journal Entry
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Sudha’s Current A/c |
Dr. |
|
1,500 |
|
|
|
To Suman’s Current A/c |
|
|
|
1,500 |
|
|
(Interest on capital omitted, now adjusted.) |
||||
Notes
Working Notes:
|
Statement Showing Adjustment |
|||
|
Particulars |
Suman |
Sudha |
Total |
|
Interest on Capital @ 12% |
6,000 |
3,000 |
(9,000) |
|
Less: Profits wrongly distributed to the extent of interest amount |
(4,500) |
(4,500) |
9,000 |
|
Net Effect |
1,500 |
(1,500) |
NIL |
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