Advertisements
Advertisements
Question
X, Y and Z are partners sharing profits in the ratio of 2 : 1 : 1. Their capitals as on 1st April, 2023, were ₹ 1,00,000, ₹ 60,000 and ₹ 40,000, respectively. At the end of the year ending 31st March, 2024, it was found out that interest on capitals @ 6% p.a., salaries to X of ₹ 1,000 per month and Z of ₹ 2,000 per month were not adjusted from the profits. In the adjusting entry to be made in the next year:
Options
Dr. X ₹ 6,000; Dr. Y ₹ 8,400 and Cr. Z ₹ 14,400
Cr. X ₹ 6,000; Cr. Y ₹ 8,400 and Dr. Z ₹ 14,400
Dr. X ₹ 500; Dr. Y ₹ 150 and Cr. Z ₹ 650
Cr. ₹ 500; Cr. Y ₹ 150 and Dr. Z ₹ 650
MCQ
Advertisements
Solution
Dr. X ₹ 6,000; Dr. Y ₹ 8,400 and Cr. Z ₹ 14,400
Explanation:
| Statement of Adjustment | ||||
| Particulars | X (₹) | Y (₹) | Z (₹) | Total (₹) |
| Interest on Capitals @ 6% p.a. | 6,000 | 3,600 | 2,400 | 12,000 |
| Salary to Partners | 12,000 | - | 24,000 | 36,000 |
| Total Amount Payable (Cr.) | 18,000 | 3,600 | 26,400 | 48,000 |
| Division of firm’s loss of ₹ 48,000 in 2 : l : 1 (Dr.) | 24,000 | 12,000 | 12,000 | 48,000 |
| (Dr.) 6,000 | (Dr.) 8,400 | (Cr.) 14,400 | - | |
shaalaa.com
Is there an error in this question or solution?
