Question

Q. 50 (A)On 1st April, 2015 the Capitals of A and B were 34,00,000 and
2,00.000 respectively. They divided profits in their capital ratio. Profits for the year
ended 31st March, 2016 were 3,00,000 which have been duly distributed among the
partners, but the following transactions were not passed through the books :-
(a) Interest on Capitals @ 12% p.a.
(b) Interest on Drawings A 12,000; B 10,000.
(c) Commission due to B 20,000 on a special transaction.
(d) A is to be paid a salary of 50,000.
You are required to pass a journal entry on 10th April, 2016 which will not affect
the P&L A/c of the firm and at the same time will rectify the errors.
[Ans. B's Capital A/C
6,000
6,000]
TO A's Capital A/C
Dr.​

Answer 1

Explanation:

They divided profits in their capital ratio. ... ended 31st March, 2016 were 3,00,000 which have been duly ... partners, but the following transactions were not passed ...