Question

Q.15 Asha and Sony are partners in a firm sharing profits and
losses equally. Their fixed capital accounts as on 31 st March,
2020 showed balances of Rs. 60,000 and Rs 50,000
respectively. After closing the account and distribution of
profits Rs 20, 000 between partners, it was discovered that the
following items have been left out while preparing the final
accounts for the year ended 31st March, 2020
(1) The partners were entitled to interest on capitals @ 6% pa
(11) The drawings of Asha and Sony for the year 2020 were Rs.8,
000 and Rs.6,000 respectively. The interest on drawings was
also to be charged @ 5% p.a.
(III) Asha was entitled to salary of Rs.5, 000 p.a and Sony, a
commission of Rs. 2,000 p.a.
216
Pass a rectifying entry to rectify the above errors and show your
workings clearly
Q.16 Mishika Ltd. has an authorised capital of Rs. 10,00,000
divided into equity shares of Rs.10 each. The Company invited
applications for 50,000 shares. Applications for 45,000 shares
were received. All money due was duly received except on final
call of Rs.2 per share on 1,000 shares. 600 of these shares
were forfeited
Present the Share Capital in the Balance Sheet of the
Company. Also prepare Notes to Accounts for the same.
Q. 17 What Journal entries would be passed for the following
transactions on the dissolution of a firm of partners Ayan and
Medhansh, after various assets and outside liabilities have
been transferred to realisation account?
(a) Workmen compensation reserve stood at Rs.60,000 and
liability in respect of it was ascertained at Rs.60,000.
(b) Building (Book Value Rs.5,00,000) sold for Rs.8,00,000
through a broker who charged 2% commission
(c) Investment (Book Value Rs.40,000) realised at 150%. w
(d) Creditors of the value of Rs.50,000 took stock of Rs 60,000
in full settlement of his debt.​

Answer 1

Answer:

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Answer 2

Answer:

15. Sony's Capital A/c Dr. 18,275

To Asha's Capital A/c 18,275