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X, Y and Z are partners in the ratio of 4 : 3 : 2. Salary to X ₹ 15,000 and to Z ₹ 3,000 omitted, and profits were distributed. For rectification, now X will be credited ______. - Accounts

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Question

X, Y and Z are partners in the ratio of 4 : 3 : 2. Salary to X ₹ 15,000 and to Z ₹ 3,000 omitted, and profits were distributed. For rectification, now X will be credited ______.

Options

  • ₹ 15,000

  • ₹ 1,000

  • ₹ 12,000

  • ₹ 7,000

MCQ
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Solution

X, Y and Z are partners in the ratio of 4 : 3 : 2. Salary to X ₹ 15,000 and to Z ₹ 3,000 omitted, and profits were distributed. For rectification, now X will be credited ₹ 7,000.

Explanation:

Particulars X (₹) Y (₹) Z (₹) Total (₹)
Salary to be credited 15,000 - 3,000 18,000
Amount (Profit) 18,000 already credited in the ratio 4 : 3 : 2 8,000 6,000 4,000 18,000
  (Dr.) 7,000 (Cr.) 6,000 (Cr.) 1,000 -
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Chapter 1: Accounting for Partnership Firms - Fundamentals - OBJECTIVE TYPE QUESTIONS [Page 1.183]

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D. K. Goel Accountancy Volume 1 and 2 [English] Class 12 ISC
Chapter 1 Accounting for Partnership Firms - Fundamentals
OBJECTIVE TYPE QUESTIONS | Q 68. | Page 1.183
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