Question

Arati and Divya are partners. Their capital as on 1st April 2020 are Rs.1,00,000 and Rs.2,00,000 .Profits for year 2020 -21 were Rs.90,000 .As per the agreement ,interest on capital were Rs.10,000 and Rs.20,000 respectively and Interest on Drawings was Rs.6,000 and Rs.10,000 respectively .Arati ‘s salary was Rs.2000 per month and Divya’s salary was Rs.5,000.Accountant ,however ,committed the mistake and credited the profit in the capital ratio .without interest on capital /drawings and salary.
12. With what amount was Divya‘s Account credited with initially? A] Rs.30, 000 b] Rs.45, 000 c] Rs. 60,000 d] Can’t say
13. What was the total salary required to be credited?
A] Rs.7, 000 b] Rs.84, 000 c] Rs.29, 000 D] None of the above
14. What was the interest rate of capitals? A]5% b]10% c]15%d]Noneoftheabove
15. What was the amount of Past adjustment entry?
A] Rs.20, 500 b] Rs.21, 500 c] Rs.23, 500 d] None of the above 16. What should have been Divya’s original share of profit? A] 15,666 b] Rs.23, 500 c] Rs.21, 500 d] Rs.31, 333

Answer 1

Answer:

HOPE IT IS CLER AND HELPFUL

Explanation:

Question No: 1

With what amount was Divya‘s Account credited with initially?

Ans) 60,000

Question No: 2

What was the total salary required to be credited?

Ans) ₹ 29,000 [ Arathi's salary = 2,000 × 12 = 24,000 & Divya's salary

   5,000 × 1 = 5,000 ]

Question No: 3

What was the interest rate of capitals?

Ans) 10%

Question No: 4

What should have been Divya’s original share of profit?

Ans) 23,500

I ALSO ATTACHED THE RECTIFIED PROFIT AND LOSS ADJUSTMENT ACCOUNT

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