Question

Q30. X Y and Z for partner doing an electronic goods business in Uttarakhand after the account of
partnership was drawn up and closed. It was discovered that interest on capital has been allowed at the
rate of 6% per annum for the year ended 31st March 2019 and 2020, although there is no provision of
interest on capital in partnership deeds. On the other hand x and y are entitled to a salary of rupees 3500
and rupees 4000 per quarter respectively, which has not been taken into consideration, their fixed capital
accounts were rupees 400000, rupees 360000 and rupees 240000 respectively. during the last 2 year they
had chair the profit and losses as follows:
Year ended
ratio
2018 - 19
3:2:1
2019-20
5:3:2
pass necessary adjustment entry for the above adjustment in the books of the firm on 1st April 2000.
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Answer 1

Answer:

Grewal 2018 for ... - Meritnation

These solutions for Accounting Procedures Rules Of Debit And Credit are ... Question 1: ... (iii) Creditors, (ix) Debtors, (xvi) Bank Overdraft. (iv) ... Question 4: ... Discount allowed to him