Question

X, Y and Z were partners in a firm. On Ist April, 2012, their capitals
stood as : 6,00,000; 3 4,00,000 and ? 2,00,000 respectively. As per
provisions of partnership deed, Y was entitled for commission of? 12.000
p.a, and X for a salary of 1,200 p.m. Partners were also entitled to
interest on capital @ 8% p.a. Profits will be shared in the ratio of their
capitals.
Net profit for the year ended 31st March, 2013 was 7 4,22,400 which
was distributed equally without tooking into consideration the above
provisions. Showing your workings clearly, pass necessary adjustment
entry for the above.
(C.B.S.E., 2014-C, Set if)
[Hints. Assume fi
xed capial as capital ratio is given.)
[Ans. Dr. Z's Current A/c 74,800 and Cr. X's and Y's Current A/c`s
* 71,600 and 3 3,200 respectively)
​

Answer 1

Explanation:

to salery to c 60000

to commision to a 80000

to interest on capitals:-

A 30000

B 15000

C 15000

to sharing profit :-

A 50000

B 25000

C 25000

by net profit 300000

Answer 2

Answer:

dr.z current a/c 74800 and cr. x and y current a/c 71600 and 3200