Question

A, B, Cand Dare partners sharing profits and losses in the ratio of 4: 3: 3: 2.Their fixed capitals on 31.03.2010 were Rs.60,000, Rs.90,000, Rs.1,20,000 and Rs.90,000 respectively. After preparing the final accounts for the year ended 31.03.2010 itwas discovered that interest on capital @ 12% p.a.was notallowed andinterest on drawings amounting 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 workings clearly.​

Answer 1

Answer:

RATE THE ANSWER IF YOU LOVE YOUR MOM A, B, Cand Dare partners sharing profits and losses in the ratio of 4: 3: 3: 2.Their fixed capitals on 31.03.2010 were Rs.60,000, Rs.90,000, Rs.1,20,000 and Rs.90,000 respectively. After preparing the final accounts for the year ended 31.03.2010 itwas discovered that interest on capital @ 12% p.a.was notallowed andinterest on drawings amounting 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 workings clearly.