Question 57 Chapter 2 of Class 12 Part – 1
57. P, Q and R are partners in a firm who share profits in the ratio 2:1:1. After closing t accounts of the firm on 31st March, 2018 it was found that the undermentioned transactions as provided in the partnership deed were not passed through the books accounts:
(i) Interest @10% p.a. on partners’ capitals of P Rs. 60,000: Q Rs. 40,000; R Rs. 50,000
(ii) Interest on drawings: P Rs. 1,000; Q Rs. 1,000 and R Rs. 2,000.
(iii) Salary of Rs. 6,000 to Q and commission Rs. 7,000 to R
Give journal entry in the beginning of next year, in the books of the firm for the adjustment of above transactions, assuming capitals are fixed.
The solution of Question 57 Chapter 2 of Class 12 Part – 1: –
Adjustment Table
| Particulars |
R Rs. |
Q Rs. | R Rs. | Total Rs. |
| Interest on Capital A/c | 6,000 | 4,000 | 5,000 | 15,000 |
| Add: Partners’ Salary | – | 6,000 | – | 6,000 |
| Add: Partners’ Commission | – | – | 7,000 | 7,000 |
| 6,000 | 10,000 | 12,000 | 28,000 | |
| Less: Interest on Drawings | 1,000 | 1,000 | 2,000 | 4,000 |
| Amount that should be credited (A) | 5,000 | 9,000 | 10,000 | 24,000 |
| Amount that has already been credited (B) | 12,000 | 6,000 | 6,000 | 24,000 |
| Net Effect (A-B) | (Dr.) 7,000 | ( Cr.) 3,000 | (Cr.) 4,000 | NIL |
Journal Entry
| Date | Particulars | L . F |
Dr. ₹ | Cr. ₹ | |
| P’s Current A/c | Dr. | 7,000 | |||
| To Q’s Current A/c | 3,000 | ||||
| To R’s Current A/c | 4,000 | ||||
| (Being adjustment of Interest on capital omitted in previous year) |
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Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Introduction)
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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)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
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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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