Rajeev and Sanjeev were partners in a firm. Their partnership deed
provided that the profits shall be divided as follows:
First Rs.20,000 to Rajeev and the balance in the ratio of 4:1. The profits for
the year ended 31st March, 2019 were Rs.60,000 which had been
distributed equally among the partners. On 1.4.2018 their capitals were
Rajeev Rs.90,000 and Sanjeev Rs.80,000. Interest on capital was to be
provided @ 6% p.a. While preparing the profit and loss appropriation A/c
interest on capital was omitted.
Pass necessary rectifying entry for same. Show your workings clearly.
Answers
Answer:
Accountants use special paperwork referred to as journals to preserve tune in their enterprise transactions.
Explanation:
Jatin's Capital A/c Dr. 1,656
To Rajeev's Capital A/c 1,185
To Sanjeev's Capital A/c 471
(Being interest in drawings has been changed, now adjusted)
A magazine is the primary region records is entered into the accounting device. A journal is regularly known as the ebook of real access because it is the location the statistics at the start enters into the system.
a mag continues a historical account of all recordable transactions with which the agency has engaged. In unique phrases, a magazine is much like a diary for a business enterprise. when you input statistics right right into a journal, we say you're journalizing the get admission to. Journaling the access is the second step in the accounting cycle. here is a photograph
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