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on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry
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on 31st march 2019,after the closing of accounts, capital accounts of ...
Adjustment entry for interest on capital and partner's drawings
Adjustment for interest on capital:
- Interest on capital @5% for the year ended 31st March 2019 needs to be calculated and adjusted in the capital accounts of the partners.
- Interest on P's capital = 3/6 * 5% * Rs.400807 = Rs.6012.10
- Interest on Q's capital = 2/6 * 5% * Rs.30000 = Rs.500.00
- Interest on R's capital = 1/6 * 5% * Rs.20000 = Rs.166.67
Adjustment for partner's drawings:
- Partner's drawings need to be adjusted against their respective capital accounts.
- P's drawings = Rs.70000, Q's drawings = Rs.7500 and R's drawings = Rs.4500
- P's share in profit = 3/6 * Rs.52000 = Rs.26000
- Q's share in profit = 2/6 * Rs.52000 = Rs.17333.33
- R's share in profit = 1/6 * Rs.52000 = Rs.8666.67
- P's total adjustment = Rs.70000 + Rs.6012.10 - Rs.26000 = Rs.44012.10
- Q's total adjustment = Rs.7500 + Rs.500.00 - Rs.17333.33 = Rs.217.67 (negative amount)
- R's total adjustment = Rs.4500 + Rs.166.67 - Rs.8666.67 = Rs.0.00
Final adjustment entry:
- P's capital account = Rs.400807 + Rs.44012.10 = Rs.444819.10
- Q's capital account = Rs.30000 + Rs.217.67 = Rs.29782.33
- R's capital account = Rs.20000 + Rs.0.00 = Rs.20000.00
- Partner's drawings account = Rs.82000 (total drawings)
- Profit and loss appropriation account = Rs.52000 (total profit)
- Interest on capital account = Rs.6680.77 (total interest on capital)
- The above adjustments can be recorded in a single journal entry as follows:
Partner's drawings account Dr. Rs.82000.00
To P's capital account Rs.44012.10
To Q's capital account Rs.217.67
To R's capital account Rs.1629.23
(Being adjustment entry for partner's drawings)
Interest on capital account Dr. Rs.6680.77
To P's capital account Rs.6012.10
To Q's capital account Rs.500.00
To R's capital account Rs.166.67
(Being adjustment entry for interest on capital)
Adjustment for interest on capital:
- Interest on capital @5% for the year ended 31st March 2019 needs to be calculated and adjusted in the capital accounts of the partners.
- Interest on P's capital = 3/6 * 5% * Rs.400807 = Rs.6012.10
- Interest on Q's capital = 2/6 * 5% * Rs.30000 = Rs.500.00
- Interest on R's capital = 1/6 * 5% * Rs.20000 = Rs.166.67
Adjustment for partner's drawings:
- Partner's drawings need to be adjusted against their respective capital accounts.
- P's drawings = Rs.70000, Q's drawings = Rs.7500 and R's drawings = Rs.4500
- P's share in profit = 3/6 * Rs.52000 = Rs.26000
- Q's share in profit = 2/6 * Rs.52000 = Rs.17333.33
- R's share in profit = 1/6 * Rs.52000 = Rs.8666.67
- P's total adjustment = Rs.70000 + Rs.6012.10 - Rs.26000 = Rs.44012.10
- Q's total adjustment = Rs.7500 + Rs.500.00 - Rs.17333.33 = Rs.217.67 (negative amount)
- R's total adjustment = Rs.4500 + Rs.166.67 - Rs.8666.67 = Rs.0.00
Final adjustment entry:
- P's capital account = Rs.400807 + Rs.44012.10 = Rs.444819.10
- Q's capital account = Rs.30000 + Rs.217.67 = Rs.29782.33
- R's capital account = Rs.20000 + Rs.0.00 = Rs.20000.00
- Partner's drawings account = Rs.82000 (total drawings)
- Profit and loss appropriation account = Rs.52000 (total profit)
- Interest on capital account = Rs.6680.77 (total interest on capital)
- The above adjustments can be recorded in a single journal entry as follows:
Partner's drawings account Dr. Rs.82000.00
To P's capital account Rs.44012.10
To Q's capital account Rs.217.67
To R's capital account Rs.1629.23
(Being adjustment entry for partner's drawings)
Interest on capital account Dr. Rs.6680.77
To P's capital account Rs.6012.10
To Q's capital account Rs.500.00
To R's capital account Rs.166.67
(Being adjustment entry for interest on capital)
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on 31st march 2019,after the closing of accounts, capital accounts of ...
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on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy?
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on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy?.
on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy?.
Solutions for on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? in English & in Hindi are available as part of our courses for Commerce.
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on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy?, a detailed solution for on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? has been provided alongside types of on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? theory, EduRev gives you an
ample number of questions to practice on 31st march 2019,after the closing of accounts, capital accounts of p, q, r stood in the books of the firm at rs400807,rs30000.,rs20000 respectively. subsequently, it was notices that interest on capital @5percent had been omitted. profit for the year ended 31st March 2019 was rs52000 andthe Partners Drawing had Been p-7 0000,q-7500 and r-4500.profit sharing ratio of p, q, r is 3:2:1.give necessary adjustments entry Related: Past Adjustments - Class 12, Accountancy? tests, examples and also practice Commerce tests.
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