Accounting for Partnership : Basic Concepts | Past Adjustments | Problem 37 Solution | NCERT

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The net profit of X, Y and Z for the year ended March 31, 2016 was
₹ 60,000 and the same was distributed among them
in their agreed ratio of 3 : 1 : 1.

It was subsequently discovered that
the under mentioned transactions were not recorded in the books :

(i) Interest on Capital @ 5% p.a.
(ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300.
(iii) Partner’s Salary : X ₹ 1000, Y ₹ 1500 p.a.

The capital accounts of partners were fixed as :
X ₹ 1,00,000,
Y ₹ 80,000 and
Z ₹ 60,000.

Record the adjustment entry.

Accounting for Partnership - Basic Concepts
Past Adjustments
Partners' Capital Accounts
Partners' Current Accounts
Fixed Capital Method
Fluctuating Capital Method
Partners
Business Partners
Firm
Class 12 Accounts
Partnership Fundamentals

Intro: 00:00
Problem Statement : 00:26
Analysis : 01:33
Method 1: Using P&L Adjustment A/c: 05:21
Method 2: Directly in Partners Current A/c: 15:47
Outro: 24:05

Additional problems on Accounting for Partnership : Basic Concepts, Guarantee of Profit to the Partners can be found at https://eduxir.com/curriculum/cbse/cl...

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