(Adjustment for omissions)
ILLUSTRATION 50.
Praveen, Sahil and Riya are partners having fixed capitals of 32,00.000,
31,60,000 and 31,20,000 respectively. They share profits in the ratio of 3:1:1. The
Partnership Deed provided for the following which were not recorded in the books:
(i) Interest on Capital a 5% p.a.
(ii) Salary to Praveen 1,500 p.m. and to Riya 1,000 p.m.
(iii) Transfer of profit to General Reserve 310,000. Net Profit for the year ended
31st March, 2015 distributed among the partners was 31,00,000.
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Answer:
Explanation:
Dr. Praveen's Current A/c, Rs 10,400 and Sahil's Current A/c, Rs 4,800.
Cr. Riya's Current A/c, Rs 5,200 and General Reserve A/c, Rs 10,000.
[Hint: Correct Divisible Profit = Rs 1,00,000- Rs 10,00 (General Reserve) - Rs 30,000 (Salary of Praveen and Riya)- Rs 24,000 (Interest on Capital of Praveen, Sahil and Riya) = Rs 36,000 in profit-sharing ratio i.e., 3:1:1.]
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