The net profit of X. Y andZ for the year ended March 31, 2006 was Rs.60,000 and the same was distributed among them in their agreed ratio of 3: 1: 1. It w as subsequently discovered that the under mentioned transactions were not recorded in the books: (i) Interest on Capital a5% p.a. (ii) Interest on drawings amounting to X Rs.700. Y Rs.500 andZRs.300. (iii) Partner's Salary: X Rs.1000, YRs. 1500p.a. The capital accounts of partners were fived as: X Rs. 1.00.000, Y Rs.80.000 and Z Rs.60.000. Record the adjustment entry.
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The net profit of X. Y andZ for the year ended March 31, 2006 was Rs.60,000 and the same was distributed among them in their agreed ratio of 3: 1: 1. It w as subsequently discovered that the under mentioned transactions were not recorded in the books: (i) Interest on Capital a5% p.a. (ii) Interest on drawings amounting to X Rs.700. Y Rs.500 andZRs.300. (iii) Partner's Salary: X Rs.1000, YRs. 1500p.a. The capital accounts of partners were fived as: X Rs. 1.00.000, Y Rs.80.000 and Z Rs.60.000. Record the adjustment entry.
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