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On March 31st ,2020 the balances …

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On March 31st ,2020 the balances in the capital accounts of Alka, Hardik and Ramneek after making adjustment for profits and drawings were rupees 9,00,000;rupees 5,00,000 and rupees 3,00,000 respectively.Subsequently it was discovered that the interest on capital and drawings has been omitted .The profit for the year ended 31st March 2020 was rupees 1,80,000.During the year Alka and Ramneek each withdrew a sum of rupees 40000.Hardik withdrew a total of rupees 60,000 in equal installments in the middle of each quarter. Interest on drawing was to be charged @ 5% p.a. and interest on capital was to be allowed @10% per annum. The profit sharing ratio was 3:1:1. Showing your working clearly ,pass the necessary rectifying entry.

Posted by Parminder Kaur 4 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Raunak Sharma 4 years, 7 months ago

Particulars Alka Hardik Ramneek Total Interest on Capital @ 10% p.a. 90,000 50,000 30,000 1,70,000 IOD 1,000 1,000 750 2,750 Remaining Profit (1,80,000 + 2,750 – 1,70,000) (3:1:1) 7,650 2,550 2,550 12,750 Total Amount Paid (Cr.) 96,650 51,550 31,800 1,80,000 Division of firm’s profit of Rs. 1,80,000 in the ratio 3:1:1 (Dr.) 1,08,000 36,000 36,000 1,80,000 11,350 (Dr.) 15,550 (Cr.) 4,200 (Dr.) - Working Note:- IOD of Alka = 40,000 × 5% × 6/12 = 1,000 IOD of Hardik = 40,000 × 5% × 6/12 = 1,000 IOD of Ramneek = 60,000 × 5% × 3/12 = 750

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