InterviewSolution
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Reya, Mona and Nisha shared profits in the ratio of 3 : 2 : 1. The profits for the last three year were ₹ 1,40,000; ₹ 84,000 and ₹ 1,06,000 respectively. These profits were by mistake shared equally for all the give necessary Journal entry for the same. |
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Answer» essary Journal entry are calculated below:Explanation:Given,Reya, Mona and Nisha shared profits in the ratio of 3 : 2 : 1. The profits for the last three YEAR were ₹ 1,40,000; ₹ 84,000 and ₹ 1,06,000 respectively.Total Profits for Last 3 years ALSO, givenThese profits were by mistake shared equallyTherefore, the wrong distribution of profits will be THUS, RS. 1,10,000 has been given to each of them.Calculation of the Right Distribution of ProfitThus, the Right distribution of Profit will be in the ratio 3 : 2 : 1Thus, a 1/6 th of the Profit will be Rs. 55000Reya's Profit will be Mona's Profit will be Nisha's Profit will be = 55000Total Profits = Rs. 3,30,000Calculation of the Adjustment Amount:Adjustment amount for Reya Adjustment amount for Mona Adjustment amount for NishaThus, an amount of Rs. 55,000 will be credited to Reya from Nisha. |
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