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Question 62 Chapter 2 of Class 12 Part – 1 VK Publication

Question 62 Chapter 2 of Class 12 Part - 1 VK Publication
Question 62 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 62 Chapter 2 of Class 12 Part – 1

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62. Nidhi, Sidhi and Ridhi are partners sharing profits and losses in the ratio of 2:2:1 with fixed capital contribution of Rs. 50,000: Rs. 60,000 and Rs. 70,000 respectively. They earned profit of Rs. 45,000 which was distributed in the profit-sharing ratio of partners. Later it was found that the following were not given effect to:
(i) Interest on capital @ 5% pa. (ii) Interest on drawings at 6% pa. Drawings of Nidhi, Sidhi and Ridhi were Rs. 10,000; Rs. 12,000 and Rs. 9,000 respectively (iii) Ridhi’s salary and commission not credited were Rs. 7,000 and Rs. 10,000. (iv) Sidhi’s salary not credited was Rs. 5,000. Pass the necessary adjusting journal entry

The solution of Question 62 Chapter 2 of Class 12 Part – 1: –

Table Adjustment 

Particulars 

Nidhi  Rs.

 Sidhi  Rs. 

Ridhi Rs.Total Rs.
Interest on Capital @5% p.a. (Cr)2,5003,0003,5009,000
Add: Partner’s Salary (Cr.)5,0007,00012,000
Add: Partner’s Commission (Cr)10,00010,000
 2,5008,00020,50031,000
Less: Interest on Drawings (Dr.)300360270930
Loss to the firm due to adjustments2,2007,64020,23030,070
Division of firm’s loss Rs. 30,070 in the ratio of 2:2:112,02812,0286,01430,070
Net Effect (A-B)(Dr.) 9,828( Dr.) 4,388(Cr.) 14,216NIL

Adjustment Journal Entry

Date Particular Dr. ₹Cr. ₹
 Nidhi’s Current A/cDr.9,828 
 Sidhi’s Current A/c 4,388 
 To Ridhi’s Currentl A/c  14,216
 (Being partners current accounts are adjusted in respect of interest on capital, interest on drawings salaries, and commission omitted in previous year accounts)   

 

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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)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

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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)

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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

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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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms 

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