Question

 X and Y are partners in the ratio of 3:2. Their fixed capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. After closing the accounts for the year ending 31st March, 2019, it was discovered that interest on capital was allowed @ 12% instead of 10% p.a. By how much amount X will be adjusted in the adjustment entry?

Rs. 600 Dr

Rs. 400 Cr

Rs. 400 Dr

Rs. 600 Cr

​

Answer 1

Answer:

400 Cr.

Explanation:

Calculate 10% of 200000 in X and 10 % of 100000 in Y:

Which is X=20000(10% of 200000)

Y=10000(10% of 100000)

Then,

Calculate 12% of 200000 in X and 12% of 100000 in Y:

Which is X=24000(12% of 200000)

Y=12000(12% of 100000)

Then,

X Y

20000-24000 10000-12000

=4000. =2000

4000+2000

=6000

and divide the 6000 by 3/5(X),

which is 3600....

then,

4000-3600= 400