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  • Maths Q&A Class 12 Capital Adjustment Entry

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    Amara Husain
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    Ram and Shyam were partners in a firm. After accounting for a profit of Rs. 200,000, Ram's capital was Rs. 400,000 and Shyam's was Rs. 300,000. Ram withdrew Rs. 80,000 and Shyam withdrew Rs. 100,000. Interest on capital and withdrawals was not accounted for at 10% annually as stipulated in their agreement. An adjustment entry needs to be made to account for this.

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    Accounts related questions Balance Sheet

    Original Title

    17. Ram and Shyam were partner in a firm. After crediting the profit of the year Rs.200000 in their capitalaccount , the balance

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    Ram and Shyam were partners in a firm. After accounting for a profit of Rs. 200,000, Ram's capital was Rs. 400,000 and Shyam's was Rs. 300,000. Ram withdrew Rs. 80,000 and Shyam withdrew Rs. 100,000. Interest on capital and withdrawals was not accounted for at 10% annually as stipulated in their agreement. An adjustment entry needs to be made to account for this.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    30 views1 page

    Maths Q&A Class 12 Capital Adjustment Entry

    Uploaded by

    Amara Husain
    Ram and Shyam were partners in a firm. After accounting for a profit of Rs. 200,000, Ram's capital was Rs. 400,000 and Shyam's was Rs. 300,000. Ram withdrew Rs. 80,000 and Shyam withdrew Rs. 100,000. Interest on capital and withdrawals was not accounted for at 10% annually as stipulated in their agreement. An adjustment entry needs to be made to account for this.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Home / Class 12 / Maths / Question and Answer

    Text Question Maths Class 12

    17. Ram and Shyam were partner in a firm. After credit-


    ing the profit of the year Rs.200000 in their capital
    account , the balance of their capitals were Ram:
    Rs.400000 and the Shyam: Rs 300000. During the
    year Ram Withdraw Rs.80000 and Shyam Rs.100000.
    It was found that interest on capital and drawing
    @10%p.a as provided in the agreement has not been
    allowed and charged to the partners capital account. 4
    Pass necessary adjustment entry.

    Answer
    fiNn
    GivesRanand Shyamwerepartnersin
    ArielcredingtheprofitsofRs.200000intherale.
    Bunts,balanceofRanR5.400000*shran300000
    DuringtheYearRandwithdrew80,000Ashyanswithdr.
    ew1,00000.InterestNate=10%.
    Topassnecessaryadjustmententry
    Solution
    Ran'sopeningcapital=100000+8000
    To Keep Reading This0- 100000
    Answer,
    =380000,folshyamopeningCapital=300000+
    Download the App
    100000-100000=300000

    4.6italorRans=380000x10-38000
    Interestoncap
    100
    oncapReview
    italorsha m=Google
    from 300000Play
    x12=30000
    100
    InterestondialingofRam
    =80000x10x6=4000
    1200
    View Answer
    shyam=100in-APP000x10x6=5000
    1200
    AmountcrediledtoRon
    saccount=38000-20
    00
    =34000.×shyan=3
    00 00-5000=25000
    Amount abreadycredited,Ram
    =34000-29500=45
    00
    shyam=29500-25000-4
    500
    profit=34000+25000=59000
    Ram'sandslamsporit=59000*
    2=29500
    Hence the Onswer

    Correct 20 Incorrect 0

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