Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31-3-2016:
Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31-3-2016:
The profits ₹ 30,000 for the year ended 31-3-2016 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to Piya @ ₹ 1,000 per month. During the year Piya withdrew ₹ 8,000 and Bina withdrew ₹ 4,000. Showing your working notes clearly, pass the necessary rectifying entry.
Ans:
Bina’s Capital A/c Dr. 5,856
To Piya’s Capital A/c 5,856
| Liabilities | ₹ | Assets | ₹ |
| Capitals: Piya Bina | 80,000 40,000 | Sundry Assets | 1,20,000 |
| 1,20,000 | 1,20,000 |
Anurag Pathak Answered question May 31, 2024
