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Question 65 Chapter 2 of Class 12 Part - 1
65. X, Y and Z are partners in a firm and their partnership deed did not provide for interest on capital which was wrongly credited at 12% p.a. on their fixed capitals of Rs 1,00,000, Rs. 1,20,000 and Rs. 1,50,000 respectively for the past three years during which the partners X,Y and Z shared profits in the ratio of 1:1:2; 3:2:1 and 1:3:1. Pass the necessary adjusting entry.
Table Adjustment
| Particulars |
X Rs. |
Y Rs. |
Z Rs. | Total Rs. |
|---|---|---|---|---|
| Interest allowed on Capitals @ 12% p.a. (dr.) | ||||
| For the 1st year | 12,000 | 14,000 | 18,000 | 44,000 |
| For the 2nd year | 12,000 | 14,000 | 18,000 | 44,000 |
| For the 3rd year | 12,000 | 14,000 | 18,000 | 44,000 |
| (A) | (Dr.) 36,000 | (Dr.) 43,200 | (Dr.) 54,000 | 1,33,200 |
| Division of firm’s profits will be as under . (Cr.) | ||||
| For the 1st year in the ratio 1:1:2 | 11,100 | 11,100 | 22,200 | 44,400 |
| For the 2nd year in the ratio 3:2:1 | 22,200 | 14,800 | 7,400 | 44,400 |
| For the 3rd year in the ratio 1:3:1 | 8,880 | 26,640 | 8,880 | 44,400 |
| (B) | (Cr.) 42,180 | (Cr.) 52,540 | (Cr.) 38,480 | 1,33,200 |
| Net Effect (A-B) | (Cr.) 6,180 | ( Cr.) 9,340 | (Dr.) 15,520 | NIL |
Adjustment Journal Entry
| Date | Particular | L . F |
Dr. ₹ | Cr. ₹ | |
|---|---|---|---|---|---|
| Z’s Current A/c | Dr. | 15,520 | |||
| To X’s Current A/c | 6,180 | ||||
| To Y’s Current A/c | 9,340 | ||||
| (Being excess interest on capital provided , now rectified) |
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Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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