Question 67 Chapter 2 of Class 12 Part – 1
67. A, B and Care partners in a firm sharing profits and losses in the ratio of 4:3:3. Their fixed capitals were Rs. 1,00,000; Rs. 2,00,000 and Rs. 3,00,000 respectively. For the year 2017, interest on capital was credited to them @10% instead of 9% per annum. Pass the necessar adjustment journal entry.
The solution of Question 67 Chapter 2 of Class 12 Part – 1: –
Table Adjustment
| Particulars |
A Rs. |
B Rs. |
C Rs. | Total Rs. |
| Interest on Capital to be credited @9% (A) | 9,000 | 18,000 | 27,000 | 54,000 |
| Interest on Capital @10% credited | 10,000 | 20,000 | 30,000 | 60,000 |
| Difference (Dr.) (A-B) | 1,000 | 2,000 | 3,000 | 6,000 |
| Profit (difference ) distributed in ratio 4:3:3 (Cr.) | 2,400 | 1,800 | 1,800 | 6,000 |
| Net Effect | (Cr.) 1,400 | ( Dr.) 200 | (Cr.) 1,200 | NIL |
Adjustment Journal Entry
| Date | Particular | L . F |
Dr. ₹ | Cr. ₹ | |
| B’s Current A/c | Dr. | 200 | |||
| C’s Current A/c | Dr. | 1,200 | |||
| To B’s Current A/c | 1,400 | ||||
| (Being adjustment entry made for past adjustments) |
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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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