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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)
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on 31st march 2019,after the closing of accounts, capital accounts of ...
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Deepanshu Himanshu and Pulkit are partners sharing profit and loss and their capital account capital account is the password to like Himanshu 90000 Pulkit 50000 current account 15000 1600 balance Anshu 25000 Himanshu credit balance Pulkit 32500 credit balance drawings 25520 Manshu 15000 and at the rate percent per annum 10% of 12% respectively before closing the accounts following point 1 notice machinery purchased on 1st October 2018 10000 debited to repair accounts and depreciation charged thereon at the rate of 15% per annum personal expenses paid to Himanshu 48 6000 word was debited to which is of 13th September 2018 life insurance premium paid off Dipanshu rate 6500 was paid by the form of 31 3 2019 charge to office expenses prepare Profit and Loss appropriation account for the year ending 31 March 2019 Related: Profit and Loss Appropriation Account - 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?
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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?.
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