Question

Kumar and Raja were partners in a firm sharing profits in the ratio 7 ratio 3 their fixed capital work Kumar nai lert and Raja 400000 the partnership deed providing for the following the profit for the year was distributor without providing for interest on capital @ 9% per annum salary 50000 salary 3000, the profit for the year ended 31st March 2018 word 278000 pass the adjustment entry​

Answer 1

Answer:

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Explanation:

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Answer 2

Thus the amount of adjustment is 11,100 per person.

Explanation:

We are given that:

• Ration in profit = 7 : 3
• Amount of raja = 400000

Solution:

Statement of working:

Particulars                                   Kumar          Raja             Total

The credited amount

Interest on capital @9%              81,000          36,000        117,000

per anum        

Salary                                           50,000         36,000        86,000

Total                                             131,000        72,000        203,000

203,000 credited in the ratio     142,100         60,900       203,000

of 7:3  

Total                                              142,100         60,900       203,000

Difference: adjeustments             (11,100)           (11,100)

in credited and debited mount