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Accountancy · 2024 · 3 marks
Accounting for Partnership: Basic ConceptsMaintenance of Capital Accounts of Partners3 marksshort answer
CBSE 2024 · Region 4 · Set 2 · Q20
Piya and Rosa were partners in a firm sharing profits and losses in the ratio of 3:5. Their fixed capitals were ₹ 10,00,000 and ₹ 6,00,000…
Piya and Rosa were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$:5. Their fixed capitals were ₹ $\displaystyle 10,00,000$ and ₹ $\displaystyle 6,00,000$ respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ $\displaystyle 8$% p.a., as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits. Pass the necessary adjusting entry. Show your workings clearly.
Marking-scheme solution
Books of Piya and Rosa
Journal
L.F Debit Credit
Date Particulars Amount Amount
(₹) (₹)
Rosa’s Current A/c Dr $\displaystyle 32,000$
To Piya’s Current A/c $\displaystyle 32,000$
(Adjustment for omission of Interest on
Capital)
Working Notes:-
Adjustment Table
Particulars Piya Rosa
Dr(₹) Cr(₹) Dr(₹) Cr(₹)
Interest on Capital to $\displaystyle 80,000$ $\displaystyle 48,000$
be credited
Loss to be debited in $\displaystyle 48,000$ $\displaystyle 80,000$
the ratio of $\displaystyle 3$:$\displaystyle 5$
Net Effect $\displaystyle 32,000$ $\displaystyle 32,000$
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