there are 3 partners in a firm trading garments s ,t,r profit ratio 5:3:2 capital on 1 April 2013 were - Accountancy - Accounting for Partnership Basic Concepts

Question

there are 3 partners in a firm trading garments s ,t,r profit ratio
5:3:2 capital on 1 April 2013 were 200000 ,400000,800000
respectively they donate on a flood as follow
s withdrawal 40000 from firm on 15 sep 2013
t took garments from firm cost 48000 on the other hand r withdrawal
400000 from her capital on 1 jan 2014
partnership deed provide interest on drawing @6% p a after making
final acc it was discovered that interest on drawing had not
charged pass journal entries and show working notes clearly
please solve it as fast as possible

Neha A. · Accepted Answer

Dear Student,

The solution to this question is given below

Date
Particulars
L F
Debit Amount
Rs
Credit Amount
Rs

R’s Capital A/c
Dr

4,396

To S’s Capital A/c

2,710

To T’s Capital A/c

1,686

(Interest on Drawings has been charged, now
adjusted)

Adjusting Table:

Particulars
S
T
R
Total

Interest on Drawings
1,300
720
6,000
8,020

Profit of Rs 8,020 shared in ratio
5:3:2
(4,010)
(2,406)
(1,604)
(8,020)

Difference
2,710 (Cr )
1,686 (Cr )
4,396 (Dr )
Nil

Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs

	R’s Capital A/c	Dr.		4,396
	To S’s Capital A/c				2,710
	To T’s Capital A/c				1,686
	(Interest on Drawings has been charged, now adjusted)

Particulars	S	T	R	Total
Interest on Drawings	1,300	720	6,000	8,020
Profit of Rs 8,020 shared in ratio 5:3:2	(4,010)	(2,406)	(1,604)	(8,020)
Difference	2,710 (Cr.)	1,686 (Cr.)	4,396 (Dr.)	Nil