Question

Krishna, Sandeep and Karim are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are : Krishnan Rs.120000, Sandeep Rs.90000 and Karim Rs.60000. for the 2016 -2017, interest was credited to them @6% pa instead of 5%p.a Record adjustment entry(past adjustments)

Answer 1

Explanation:

kya chahiye yar Good morning sir

Answer 2

Explanation:

Given Krishna, Sandeep and Karim are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are : Krishnan Rs.120000, Sandeep Rs.90000 and Karim Rs.60000. for the 2016 -2017, interest was credited to them @6% pa instead of 5%p.a

Journal

Date    Particulars                              L.F       Debit Amount Rs           Credit Amount

          Karim’s Current A/c    Dr                     150

        To Karishna’s Current A/c                                                                   150

    (Interest on Capital was credited at 6%                                                                        150

       instead of 5% which is rectified.)

     Adjusting Table  

 Particulars                                               Karishna       Sandeep         Karim              Total

Interest on Capital wrongly credited(Dr)    7200             5400              3600               16,200

Interest on Capital to be credited @ 5%       6000             4500             3000               13,500

Profit of Rs 2,700 be credited  (Cr)             1,350               900               450                 2,700

Net Effect                                                      150 (Cr)                              150 (Dr)          Nil

Reference link will be

https://brainly.in/question/16969514