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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 3 · Q20
Rajesh and Anu were partners in a firm sharing profits and losses in the ratio of 1:2. Their fixed capitals were ₹ 6,00,000 and ₹ 3,00,000…
Rajesh and Anu were partners in a firm sharing profits and losses in the ratio of $\displaystyle 1$:2. Their fixed capitals were ₹ $\displaystyle 6,00,000$ and ₹ $\displaystyle 3,00,000$ respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ $\displaystyle 1$'2.% 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 journal entry. Show your workings clearly.
Marking-scheme solution
Books of Rajesh and Anu
Journal
L.F Debit Credit
Date Particulars Amount Amount
(₹) (₹)
Anu’s Current A/c Dr $\displaystyle 36,000$
To Rajesh’s Current A/c $\displaystyle 36,000$
(Adjustment for omission of Interest on
Capital)
Working Notes:-
Adjustment Table
Particulars Rajesh Anu
Dr(₹) Cr(₹) Dr(₹) Cr(₹)
Interest on Capital to $\displaystyle 72,000$ $\displaystyle 36,000$
be credited
Loss to be debited in $\displaystyle 36,000$ $\displaystyle 72,000$
the ratio of $\displaystyle 1$:$\displaystyle 2$
Net Effect $\displaystyle 36,000$ $\displaystyle 36,000$
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CBSE Class 12 Accountancy past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.