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प्रश्न
Sultan, Singh and Tulsi were partners in a firm sharing profits and losses in the ratio of 9 : 7 : 4. Their fixed capitals were ₹ 6,00,000, ₹ 5,00,000 and ₹ 4,00,000. The partnership deed provided that interest on partners’ capital accounts will be allowed at 10% per annum. After the final accounts for the year were prepared, it was found that interest on capital was allowed @ 12% per annum.
Pass the necessary adjusting journal entry.
रोजकीर्द नोंद
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उत्तर
Calculate total excess interest paid:
Total fixed capital = ₹ 6,00,000 + ₹ 5,00,000 + ₹ 4,00,000
= ₹ 15,00,000
Excess interest rate = 12% − 10%
= 2%
Total Excess Interest = `15,00,000 xx 2/100`
= 30,000
| Statement Showing Adjustments | |||
| Partners | Excess IOC (A) | Share in profit (B) | Net effect (A − B) |
| Sultan | ₹ 12,000 (Dr.) | ₹ 13,500 (Cr.) | ₹ 1,500 (Cr.) |
| Singh | ₹ 10,000 (Dr.) | ₹ 10,500 (Cr.) | ₹ 500 (Cr.) |
| Tulsi | ₹ 8,000 (Dr.) | ₹ 6,000 (Cr.) | ₹ 2,000 (Dr.) |
| Total | ₹ 30,000 | ₹ 30,000 | NIL |
| Journal Entry | ||||
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| 2025 | Tulsi’s Current A/c ...Dr. | 2,000 | - | |
| To Sultan’s Current A/c | - | 1,500 | ||
| To Singh’s Current A/c | - | 500 | ||
| (Being excess interest on capital adjusted) | ||||
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