1.

Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000 and Rs 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 2014 4 3 5 2015 3 2 1 2016 1 1 1 Make necessary and adjustment entry at the beginning of the fourth year i.e. Jan. 2017.

Answer»

Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000 and Rs 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

2014

4

3

5

2015

3

2

1

2016

1

1

1




Make necessary and adjustment entry at the beginning of the fourth year i.e. Jan. 2017.


Discussion

No Comment Found

Related InterviewSolutions