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Mansi, Simran and Namita started business …

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Mansi, Simran and Namita started business on 1st April 2019 with capital of Rs.56,000, Rs.44,800 and Rs.33,600 respectively. After distributing the profit of Rs.67,200 for the year ended 31st March, 2020 in their agreed ratio of 3:1:1, it was found that following items were not taken into consideration in the books of accounts: i) Interest on capital @ 10% p.a. ii) Commission to Mansi was Rs.6,720. iii) Salary to Mansi and Simran Rs.11,200 and Rs.16,800 respectively. iv) Interest on drawings: Mansi Rs.784, Simran Rs.560 and Namita Rs.336. You are required to pass a single adjustment entry to rectify the errors. Show your workings clearly

Posted by Itz_ Tannu 5 months, 3 weeks ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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