Question 75 Chapter 2 of Class 12 Part – 1
75. A. B and C were partners in a firm. On 1st April, 2012 their capitals stood as Rs. 5,00,000 Rs. 2,50,000 and Rs. 2,50,000 respectively. As per provisions of the partnership deed:
(i) C was entitled for a salary of Rs. 5,000 per month.
(ii) A was entitled for a commission of Rs. 80,000 p.a.
(iii) Partners were entitled to interest on capital @ 6% p.a.
(iv) Partners will share profits in the ratio of capitals,
Net profit for the year ended 31st March, 2013, was Rs. 3,00,000 which was distributed equally, without taking into consideration the above provisions.
Showing your workings clearly, pass necessary adjustment entry for the above.
The solution of Question 75 Chapter 2 of Class 12 Part – 1: –
Adjustment Journal Entry
|Date||Particular||L . F
||Dr. ₹||Cr. ₹|
|2013||B’s Capital A/c||Dr.||60,000|
|April 1||To A’s Capital A/c||60,000|
|(Being adjustment entry made)|
Table Showing the Adjustment to be made
|i. Profit already wrongly credited (equally) (Dr.)||1,00,000||1,00,000||1,00,000|
|ii. Amount which should have been credited: (Cr.)|
|Interest on Capital||30,000||15,000||15,000|
|Net Profit Distributed [2:1:1] [ Profit- salary – commission- Interest on capital]||50,000||25,000||25,000|
|iii. Difference (i-ii)||(Cr.) 60,000||( Dr.) 60,000||NIL|
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Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution