A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1. The following was the Balance Sheet of the firm as at 31.3.2024
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1. The following was the Balance Sheet of the firm as at 31.3.2024.
| Liabilities | ₹ | Assets | ₹ |
|
Capitals: A B |
6,00,000 4,00,000 |
Sundry Assets | 10,00,000 |
| Â | 10,00,000 | Â | 10,00,000 |
The profits ₹ 4,50,000 for the year ended 31.3.2024 were divided between the partners without allowing interest on capital @ 9% p.a. and without charging interest on drawings @ 12% p.a. During the year A withdrew ₹ 1,00,000 and B ₹ 50,00.
Pass the necessary adjustment journal entry and show your working clearly.
Ans
A’s Capital A/c Dr. 6,000 To B’s Capital A/c 6,000
Anurag Pathak Changed status to publish June 13, 2024
