A, B, C and D are partners sharing profits & Losses in the ratio of 4:3:3:2....
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A, B, C and D are partners sharing profits & Losses in the ratio of 4:3:3:2. Their respective fixed capitals on March 31,2010 were 60,000, 90,000, 1,20,000 and 90,000. After preparing the final accounts for the year ended March 31,2010, it was discovered that interest on capital @ 12% p.a. was not allowed and interest on drawings amounting to 2,000, 2,500, 1,500 and 1,000 respectively was also not charged. Pass the necessary adjustment Journal entry showing your workings clearly. A, B, C and D are partners sharing profits & Losses in the ratio of 4:3:3:2. Their respective fixed capitals on March 31,2010 were 60,000, 90,000, 1,20,000 and 90,000. After preparing the final accounts for the year ended March 31,2010, it was discovered that interest on capital @ 12% p.a. was not allowed and interest on drawings amounting to 2,000, 2,500, 1,500 and 1,000 respectively was also not charged. Pass the necessary adjustment Journal entry showing your workings clearly.
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Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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