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ABCD are four partners sharing profit …

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ABCD are four partners sharing profit and loss in 2:2:1:1 their capitals was 900000 ,10 lakh, 11 lakh, 600000 .their partnership deed provides interest on capital @ 10% but they wrongly provided interest on capital at the rate of 8% per annum pass necessary adjustment entry to rectify the errors.

Posted by Sweta Nath 6 years, 5 months ago

CBSE > Class 12 > Accountancy

3 answers

Srishti Tuli 6 years, 5 months ago

firstly take back wrongly distributed interest given to them by debiting partner's capital account @8% then distribute interest @10% i.e. correct interest rate to be disributed. Calculate balance c/d roughly then add them and disribute them in their profit sharing ratio.

Srishti Tuli 6 years, 5 months ago

rectifying entry : A's capital A/c. dr. 6,000 B's capital A/c. dr. 4,000 To C's capital A/c. 10,000

Sachin Kumar 6 years, 5 months ago

First you assume very long capitals

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