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प्रश्न
Suman and Sudha were partners in a firm sharing profits equally. Their fixed capitals were Rs 50,000 and Rs 25,000 respectively. The partnership deed provided interest on capital at the rate of 12% per annum. For the year ended 31stMarch, 2016, the profits of the firm were distributed without providing interest on capital.
Pass necessary adjustment entry to rectify the error.
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उत्तर
Adjusting Journal Entry
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Sudha’s Current A/c |
Dr. |
|
1,500 |
|
|
|
To Suman’s Current A/c |
|
|
|
1,500 |
|
|
(Interest on capital omitted, now adjusted.) |
||||
Notes
Working Notes:
|
Statement Showing Adjustment |
|||
|
Particulars |
Suman |
Sudha |
Total |
|
Interest on Capital @ 12% |
6,000 |
3,000 |
(9,000) |
|
Less: Profits wrongly distributed to the extent of interest amount |
(4,500) |
(4,500) |
9,000 |
|
Net Effect |
1,500 |
(1,500) |
NIL |
