a and b are partners sharing profit and losses in the ratio of 3:2.On 31st march 2017,their balance sheet was as follows
Attachments:
Answers
Answered by
2
Answer:
Rectification Entry is as follows:
B's capital A/c Dr. 5280 (Being adjustment entry passed)
To A's capital A/c 5280
Calculation of Opening Capital
B
A
Closing Capital
60,000
20,000
Add:Drawings
10,000
20,000
Less:Profits
(18,000)
(12,000)
Opening Capital
52,000
Feedback
28,000
Interest on capital @12%
6240
3360
Table Showing Adjustments To be
Made
Particulars
Interest on capital
Salary
Similar questions