0
0 Comments
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:
Liabilities Assets
Capitals: Piya Bina 80,000 40,000 Sundry Assets 1,20,000
1,20,000 1,20,000
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
Anurag Pathak Answered question May 31, 2024
Add a Comment