Question

0.6. A. B. C and D are partners sharing profit and losses in the ratio of 4:3.3.2. To p
fixed capital on 3151 March, 2010 were Rs, 60,000, Rs, 90,000 Rs, 1,20,000 and Rs 20,000
respectively. After preparing the final account for the year ended 31” March, 2010, it was
discovered that interest on capital @12% p.a. was not allowed and interest on drawings assuming
to Rs, 2,000, Rs, 2,500, Rs, 1,500 and Rs, 1,000 respectively was also not charged.
Pass the necessary adjustment journal entry showing your working clearly.​

Answer 1

Explanation:

fixed capital on 3151 March, 2010 were Rs, 60,000, Rs, 90,000 Rs, 1,20,000 and Rs 20,000

respectively. After preparing the final account for the year ended 31” March, 2010, it was

discovered that interest on capital @12% p.a. was not allowed and interest on drawings assuming

to Rs, 2,000, Rs, 2,500, Rs, 1,500 and Rs, 1,000 respectively was also not charged.

Pass the necessary adjustment journal entry showing your working clearly.