Question

The net profit of X, Y and Z for the year ended March 31, 2015 was Rs. 60,000
and the same was distributed among them in their agreed ratio of 3:1:1.
It
was subsequently discovered that the under mentioned transactions were not
recorded in the books:


(1) Interest on Capital @ 5% p.a.
(1) Interest on drawings amounting to X Rs. 700, Y Rs. 500 and Z Rs. 300.
(ill) Partner's Salary : X Rs. 1000, Y Rs. 1500 p.a.

The capital accounts of partners were fixed as : X Rs. 1,00,000, Y Rs. 80,000
and Z Rs. 60.000.
Record the adjustment entry,


show statement of adjustment


(Ans : X Dr. Rs.2,700, Y credit Rs.2,600 and Z credit Rs.100)​

Answer 1

Answer:

पुनर्मल्यांकन खाता व साझदारा का पूजा

Q. 3. X and Y are partners in a firm sharing profits and losses in the ratio 3:1 Their

balance sheet as on 31" December was as under :-

Balance Sheet

(As on 31 December 2017)

Liabilities

Rs.

Assets

Rs.

Creditors

18000

Cash in hand

7500

Capitals :-

Bills Receivables

1500

X - 17000

Debtors

8000

Y - 5500

22500

Stock

1000

Furniture

10000

Buildings

12500

40500

40500

On 1"' January 2018 they admitted Z into partnership on following terms :-

1. He will pay Rs. 5500 as Capital for 1/5 share of profit.

2. He brings for Goodwill Rs. 2000.

3. Stock and Furniture will be depreciated by 10% and a Provision on Debtors

will be made @ 5%

4. Buiiding will be appreciated by 20%

Prepare revaluation Account and Partners Capital A/C