[NCERT] Q 37 Solutions Accounting for Partnership Basic Concepts Class 12
Solution of Question number 37 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board
The net profit of X, Y and Z for the year ended March 31, 2020, was ₹ 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under-mentioned transactions were not recorded in the books:
(i) Interest on Capital @ 5% p.a.
(ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300.
(iii) Partner’s Salary: X ₹ 1000, Y ₹ 1500 p.a.
The capital accounts of partners were fixed as : X ₹ 1,00,000, Y ₹ 80,000 and Z ₹ 60,000. Record the adjustment entry.
[Ans : X Dr. ₹ 2,500, Y Credit ₹ 2,400 and Z credit ₹ 100]
Solution:-
