Question

X, Y and Z are partners in the ratio of 4 : 3 : 2. Salary to X Rs.15,000 and to Z Rs.23,000 omitted and profits distributed. For rectification, now X will be credited :​

Answer 1

Explanation:

To salary a/c

X's capital 12,000

Y's capital 12,000

Z's capital 12,000

To interest on capital a/c

X's capital 12,000

Y's capital 8,000

Z's capital 5,000

To profit on appropriation

X's capital 38,080

Y's capital 28,560

Z's capital 19,040 36,000

25,000

85,680 By p&l a/c

By interest on drawings a/c

X's capital 480

Y's capital 240

Z's capital 120 1,45,000

840