Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Old mathjax Webview within 5 minutes or else skip please 52. A, B and C are partners in a firm. After the accounts of partnership

image text in transcribed

Old mathjax Webview within 5 minutes or else skip please 52. A, B and C are partners in a firm. After the accounts of partnership have been drawn up and the books closed off, it is discovered that for the years ended 31st March 2010 and 2011, interest has been allowed to the partners upon their Capitals @ 6% p.a. although there is no provision for interest in the partnership deed. Their fixed capitals on which interest was calculated were 31,00,000; 780,000 and 360,000 respectively. During the last two years, they have shared the profits as follows : 2010 3:2:1 2011 5:3:2 You are required to give necessary adjusting entry on 1st April, 2011

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

3rd edition

978-0077639730

Students also viewed these Accounting questions

Question

a potential client of the clinician

Answered: 1 week ago