Question 57 Chapter 2 of Class 12 Part - 1 VK Publication

Question 57 Chapter 2 of Class 12 Part – 1

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The solution of Question 57 Chapter 2 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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)