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On Mar 31st 2006 after the …

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On Mar 31st 2006 after the close of books of accounts the capital account of a b c stood at 24000 , 20000,12000 respectively.the profit for the year rs 36000 distributed equally. Subsequently it was discovered that interest on capital 5% had omitted. The profit sharing ratio was 2.2.1 . Pass an adjustment journal entry.

Posted by Rahul Saini 5 years, 11 months ago

CBSE > Class 12 > Accountancy

4 answers

Priyanshi ( ╹▽╹ ) 5 years, 11 months ago

Sorry i had not seen this early.

Priyanshi ( ╹▽╹ ) 5 years, 11 months ago

C's capital a/c will be debited with Rs5,000 and A's & B's capital a/c will be credited with Rs2,600 & Rs2,400 respectively

Rahul Saini 5 years, 11 months ago

But this closing capital

Priyanshi ( ╹▽╹ ) 5 years, 11 months ago

C's capital a/c will be debited with rs4760 and A's and B's capital a/c will be credited with Rs 2480 and Rs 2280 respectively.

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