Question

L M and N Partneres omitted interestan capital for three years endedon 31st March 2018. Their fixed Capitals in there years were= 40.000 m - 25000 N = 15000hate of intrest on capital is 12% PeTheir Profit sharing ratio were2016 - 5:2:1, 2017-03:2:1, 2018-2:1:1Give the necessary adjustingentry​

Answer 1

Explanation:

Adjusting Journal Entry is as follows:-

Y's current A/c Dr. 600

To X's current A/c 250

To Z's current A/c 350

(Being Adjustment entry passed)

Table Showing Net Adjustments to be Made

Year X Y Z

Table 1 3000 2400 2100

Table 2 (2750) (3000) (1750)

Net Effect 250 (600) 350

Table 1- Amount to be credited as interest on capital

Particulars X Y Z

For the year 2016 1000 800 700

For the year 2017 1000 800 700

For the year 2018 1000 800 700

Total 3000 2400 2100

Table 2- Amount Wrongly credited as profits

Particulars X Y Z

Amount wrongly credited as profits

for the year 2016 500 1000 1000

for the year 2017 1250 750 500

for the year 2018 1000 1250 250

Total 2750 3000 1750

Answer 2

Explanation:

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