A , B and C are partners with a profit sharing ratio in 4:1:1 their capital stood up the books of firm 30000 , 20000, 10000 respectively , subsequently it was discovered that interest on capital 10% had been omitted . the profit earned during the year 36000 give the necessary adjusting entry , the partner drew 3000, 2500 and 1350 respectively.
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Table showing adjustment
A. B. C. total
interest on
capital (cr). 3000. 2000. 1000. 6000
division of
loss (dr). 4000. 1000. 1000. 6000
difference. 1000. 1000. nil
(dr). (cr)
rectify entry
A's capital account. dr. 1000
To B ' s capital account. 1000
If. closing capital is given in the question only then we make adjustments of drawing and profits
uniyalankita531:
where is drawing
but only ins.on capital has been omitted
yeah but in sol the answer is 1140
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