Past adjustment Important questions for class 12th

PAST ADJUSTMENT IMPORTANT QUESTIONS FOR CLASS 12th:

1. Riya Mohan and Nisha share profit in the ratio of 3:2:1. The props for the last 3 years were 140000 rupees, 84000 rupees and 106000 rupees respectively. These profits word by mistake shared equally for all the three years. It is now decide to correct the error.

Give the necessary journal entry for the same.

2. profits on by a partnership firm for the year ended 31st March 2017 were distributed equally between the partners Pankaj and Anu without allowing interest on capital. Interest on capital was Pankaj- 3000 rupees and Anu- 1000 rupees.

Pass necessary adjustment entry.

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3. Ram and Mohan are equal partners. Their capitals are 4000 rupees and 8000 rupees respectively. accounts for the year I prepared it is discovered that interest @ 5% per annum on capital as provided in the partnership deed has not been credited to the capital accounts before distribution of profit. It is decided to make an adjustment entry in beginning of the next year.

Give necessary adjustment entry.

4. Ram Mohan and Sohan sharing profit and losses equally have capital of 120000 rupees, 90000 rupees and sixty thousand rupees. For the year ended 31st March 2017 interest was credited to them @ 6% instead of 5%. Give necessary adjustment entry.

5. Ram Shyam and Mohan partners in a firm sharing profit and loss in the ratio of 2:1:2 their capital was fixed at 300000 rupees, 1 lakh rupees and 200000 rupees. For the year ended 31st March 2017, interest on capital was credited to them @ 9% instead of 10% per annum. The profit for the year before charging interest was 250000 rupees.

Show your working not clearly and was initially at adjustment entry.

6. P q and r are partners in a firm sharing profit in the ratio of 1:2:2 after division of the profit for the year ended 31st March 2015 their capital were: P- 150000 rupees, Q- 180000 rupees and R- 210000 rupees. During the year they withdraw 20000 rupees each. The profit for the year was 60000 rupees. the partnership deed provided that the interest on capital will be allowed @ 10% per annum while preparing final accounts interest on partners capital was not allowed.

You are required
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