Question

Q.4) The net profit of X,Y and Z for the year ended March 31, 2016 was Rs.
60.000 and the same was distributed among them in their agreed ratio of
3:3:2. It was subsequently discovered that the under mentioned
transactions were not recorded in the books :
(5)
1) Interest on Capital @ 6% p.a.
II) Interest on drawings amounting to X Rs. 700, Y Rs. 500 and Z Rs. 300,
ill) Partner's Salary : X Rs. 1000, Y Rs. 1500 p.a.
The capital accounts of partners were fixed as : X Rs. 1,00,000., Y Rs. 80,000 and
Z Rs. 60,000. Record the adjustment entry.

Answer 1

Answer:

First debit wrong profit then record the transactions which were not included and then share the distributable profit in profit sharing ratio.

Answer 2

Answer:

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