Accounting for Partnership : Basic Concepts | Past Adjustments | Problem 43 Solution | NCERT

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Anju, Manju and Mamta are partners whose fixed capitals were ₹ 10,000, ₹ 8,000 and ₹ 6,000, respectively.

As per the partnership agreement, there is a provision for allowing interest on capitals @ 5% p.a. but entries for the same have not been made for the last three years.

The profit sharing ratio during there years remained as follows:
Year Anju Manju Mamta
2016 4 3 5
2017 3 2 1
2018 1 1 1

Make necessary and adjustment entry at the beginning of the fourth year i.e. April 2019.

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 : 00:25
Analysis : 01:38
Outro: 18:32

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