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Question 65 Chapter 2 of Class 12 Part – 1 VK Publication

Question 65 Chapter 2 of Class 12 Part - 1 VK Publication
Question 65 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 65 Chapter 2 of Class 12 Part – 1

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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.

The solution of Question 65 Chapter 2 of Class 12 Part – 1: –

Table Adjustment 

Particulars 

X Rs.

 Y Rs. 

Z Rs.Total Rs.
Interest allowed on Capitals @ 12% p.a. (dr.)    
For the 1st year12,00014,00018,00044,000
For the 2nd year12,00014,00018,00044,000
For the 3rd year12,00014,00018,00044,000
(A)(Dr.) 36,000(Dr.) 43,200(Dr.) 54,0001,33,200
Division of firm’s profits will be as under . (Cr.)    
For the 1st year in the ratio 1:1:211,10011,10022,20044,400
For the 2nd year in the ratio 3:2:122,20014,8007,40044,400
For the 3rd year in the ratio 1:3:18,88026,6408,88044,400
(B)(Cr.) 42,180(Cr.) 52,540(Cr.) 38,4801,33,200
Net Effect (A-B)(Cr.) 6,180( Cr.) 9,340(Dr.) 15,520NIL

Adjustment Journal Entry

Date Particular L . F
 
Dr. ₹Cr. ₹
 Z’s Current A/cDr. 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: –

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)

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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

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

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Chapter No. 5 – Cash Flow Statement

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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