Please answer question no 11..
Q11. Praveen, Sahil and Riya are partners having fixed capital of Rs. 2,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. They share profit 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 @5% p.a.
ii. Salary to Praveen Rs. 1,500 p.m. and to Riya Rs. 1,000 p.m.
iii. Transfer of profit to General Reserve Rs. 10,000. Net profit for year ended 31st March 2015 was Rs. 1,00,000.
Pass necessary rectifying entry for the above adjustment in the books of the firm. Also show your working clearly.
Answers
Answer:
The overall revenue proportion equation can be determined by isolating net gain by net deals. Net deals are determined by subtracting any profits or discounts from gross deals.
Net gain rises to add up to incomes short add up to costs and is normally the keep going number wrote about the salary articulation. Once more, these rules shift generally by industry and friends measure, and can be affected by an assortment of different components.
Answer:
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.`]