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Mathematics

A and B are p...

Question

A and B are partners in a firm sharing profits in the ratio of $3 : 2$ . On $31.3.2014$ , the balance sheet of the firm was as follows :
The Profit of $R s 80, 000$ for the year ended $31.3.2014$ was divided between the partners without allowing interest on capital $@ 12 %$ per annum and a salary to A at $R s 1, 000$ per month. During the year A withdrew $R s 10, 000$ and B $R s 20, 000$ .
Pass a single journal entry to rectify the error.

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Solution

calculation of Interest of capital
Interest on A's Capital : $22, 000 \times \frac{12}{100} = 2, 640$
Interest on B's Capital : $8, 000 \times \frac{12}{100} = 960$

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Additional infornation:
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calculation of Interest of capital Interest on A's Capital : 22,000×12100=2,640Interest on B's Capital : 8,000×12100=960

calculation of Interest of capital
Interest on A's Capital : $22, 000 \times \frac{12}{100} = 2, 640$
Interest on B's Capital : $8, 000 \times \frac{12}{100} = 960$