Question

1:2:3
A, B, C are partners sharing profit
& losses in the ratio
They have omitted interest oneapital
@ 8% per annum for 1 year. Their
capitais were Rs 400,000,600,000,
8,00,000 respectively
pass necessary adjustment endry-
1​

Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION ACCOUNT Particulars Amount Particulars AmountTo Int on capital

A=50000*6%

  = 3000

B=30,000*6%

  = 1800 4800 By net profit 50000To Commission

A=300000*2% 6000  To Salary

B=500*12 6000  To Commission

B(notes) 1581   To profits t/f to

A's Capital A/c= 23714

B's Capital A/c=7905 31619   Total 50000 Total 50000                                 PARTNERS CAPITAL ACCOUNT Particulars A B ParticularsA  B To drawings 8000 6000 By bal b/d 50000 30000    By Int on

capital3000  1800    By commission 6000 1581 To bal c/d 74714 35286 By P/L app A/c 23714 7905 Total 82714 41286 Total 82714 41286