Question

uit uit Til du bus appropranon Account for the year endeu un 31.5.1.
60. The partners of a firm distributed the profits for the year ended on 31st March, 2017, 90,000 in the ratio
of 3:2:1 without providing for the following adjustments :
Rice and Wheat are entitled to a salary of 1,500 per annum.
(ii) Wheat was entitled to a commission of 4,500.
(ii) Wheat and Millet had guaranteed a minimum profit of 35,000 to Rice.
(10) Profits were to be shared in the ratio of 3: 3:2
Pass necessary Journal entries for the above adjustments in the books of the firm.
51. Joy and Jeet are partners in a firm sharing profits and losses as Joy 4/5ths and Jeet sth. On 1st April,
2016, the capital of partners were : Joy * 60,000 and Jeet 350,000. The profit and loss account of the firm
for the year ended on 31st March, 2017 showed a net profit of 1.75,000.
You are required to show the Profit and Loss Appropriation Account of the firm after taking into
consideration the following adjustinents:
(1) Interest on captial at 5% per annum.
(i) Provide interest on Jeet's loan account of 40,000 for the whole year.
(iii) Interest on drawings of partners at 6% per annum. The drawings were Joy > 15,000 and Jeet
10,000.
(iv) Transfer 10% the distributable profit to reserve fund of the firm.
TWB HS '07 - Adapted]​

Answer 1

Answer:

itni Sari......

Explanation:

uit uit Til du bus appropranon Account for the year endeu un 31.5.1.

60. The partners of a firm distributed the profits for the year ended on 31st March, 2017, 90,000 in the ratio

of 3:2:1 without providing for the following adjustments :

Rice and Wheat are entitled to a salary of 1,500 per annum.

(ii) Wheat was entitled to a commission of 4,500.

(ii) Wheat and Millet had guaranteed a minimum profit of 35,000 to Rice.

(10) Profits were to be shared in the ratio of 3: 3:2

Pass necessary Journal entries for the above adjustments in the books of the firm.

51. Joy and Jeet are partners