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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
  10,00,000   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 2 days ago
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