Question

sos
XACT Compal
Commerce
13.
X, Yan Z are partners in a firm sharing profits and losses in the ratio
3 : 2 : 1. Their fixed capitals are Rs. 2,00,000, Rs. 1,00,000 and
Rs. 50,000 respectively. For the year 2019, interest on capital was
credited @ 9% p.a. instead of 12% p.a. Pass adjustment Journal entry.​

Answer 1

Answer:

details X Y Z firm

IOC

@3% 6000 3000 1500 (10,500)

p/L (5250) (3500) (1750) 10,500

net 750 (500) (250) nil

Y's current... Dr. 500

Z's current... Dr. 250

to X's current... 750

interest to be credited = 12%

interest credited = 9%

interest not credited = 3%