[NCERT] Q 39 Solutions Accounting for Partnership Basic Concepts Class 12
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
| Liabilities | ₹ | Assets | ₹ |
| Mannu’s Capital Shrishti’s Capital | 30,000 10,000 | Drawings: Mannu Shrishti Other Assets | 4,000 2,000 34,000 |
| 40,000 | 40,000 |
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:-
