[NCERT] Q 39 Solutions Accounting for Partnership Basic Concepts Class 12

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Solution of Question number 39 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Mannu and Shrishti are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2017.

Balance Sheet as at March 31, 2017

LiabilitiesAssets
Mannu’s Capital
Shrishti’s Capital
30,000
10,000
Drawings:
Mannu
Shrishti
Other Assets
4,000
2,000
34,000
40,00040,000

Profit for the year ended March, 31, 2017 was ₹ 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 5% p.a. on drawings was omitted. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

[Ans : Mannu (Cr.) ₹ 288 and Shrishti (Dr.) ₹ 288]

Solution:-

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