Question

Reya, Mona and Nisha shared profits in the ratio of 3 : 2 : 1. The profits for the last three year were ₹ 1,40,000; ₹ 84,000 and ₹ 1,06,000 respectively. These profits were by mistake shared equally for all the give necessary Journal entry for the same.

Answer 1

The necessary Journal entry are calculated below:

Explanation:

Given,

Reya, Mona and Nisha shared profits in the ratio of 3 : 2 : 1.

The profits for the last three year were ₹ 1,40,000; ₹ 84,000 and ₹ 1,06,000 respectively.

Total Profits for Last 3 years

$=1,40,000+84,000+1,06,000=3,30,000$

Also, given

These profits were by mistake shared equally

Therefore, the wrong distribution of profits will be $=\frac{330000}{3}=110000$

Thus, Rs. 1,10,000 has been given to each of them.

Calculation of the Right Distribution of Profit

Thus, the Right distribution of Profit will be in the ratio 3 : 2 : 1

Thus, a 1/6 th of the Profit will be Rs. 55000

Reya's Profit will be $=3\times 55000=165000$

Mona's Profit will be $=2\times 55000=110000$

Nisha's Profit will be = 55000

Total Profits = Rs. 3,30,000

Calculation of the Adjustment Amount:

Adjustment amount for Reya

$=165000-110000=55000$

Adjustment amount for Mona

$=110000-110000=NIL$

Adjustment amount for Nisha

$=55000-110000=-55000$

Thus, an amount of Rs. 55,000 will be credited to Reya from Nisha.

Answer 2

Above attachment is a answer.