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प्रश्न
The fixed capital accounts of Shiv, Azeem and Angad, sharing profits and losses in the ratio of 2 : 2 : 1, stood at ₹ 4,00,000, ₹ 6,00,000 and ₹ 2,00,000 respectively.
The accounts for the year ended 31st March, 2022, were drawn up and closed and the Current Account balances of the partners were determined to be:
Shiv ₹ 35,000, Azeem ₹ 40,000 and Angad ₹ 25,000.
Subsequently, the following errors were discovered on 1st April, 2022:
- Interest on capital @ 10% per annum had been allowed to the partners, although there was no provision for it in the partnership deed.
- Salary of ₹ 16,000 per annum to Shiv and ₹ 20,000 per annum to Azeem was not allowed to them, despite a provision for salary in the partnership deed.
- Commission of ₹ 24,000 was not allowed to Angad, despite a provision for commission in the partnership deed.
You are required to prepare the adjusted Current Accounts of the partners on 1st April, 2022, to rectify the lapse in accounting.
उत्तर
Dr. | Adjusted Current Accounts as on 1st April 2022 |
Cr. | |||||
Particulars | Shiv(₹) | Azeem(₹) | Angad(₹) | Particulars | Shiv(₹) | Azeem(₹) | Angad(₹) |
To Interest on Capital A/c | 40,000 | 60,000 | 20,000 | By Balance b/d | 35,000 | 40,000 | 25,000 |
By Partner's Salary A/c | 16,000 | 20,000 | - | ||||
By Partner's Commission A/c | - | - | 24,000 | ||||
By Profit on readjustment | 24,000 | 24,000 | 12,000 | ||||
75,000 | 84,000 | 61,000 | 75,000 | 84,000 | 61,000 |
Working Note:
Profit on Readjustment = Sum of Interest on capitals debited − (Salary and Commission Credited)
= (40,000 + 60,000 + 20,000) − (16,000 + 20,000 + 24,000)
= 1,20,000 − 60,000
Profit on readjustment = ₹ 60,000 [credited to partners in their profit sharing ratio]
APPEARS IN
संबंधित प्रश्न
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