Mannu and Shristhi are partners in a firm sharing profits in the ratio of $3 : 2$ . Following is the Balance Sheet of the firm as on 31st March, 2018. (Ref. image)
Profit for the year ended 31st March, 2018 was Rs. 5,000 which was divided in the agreed ratio, but interest @ $5 %$ p.a. on capital and $6 %$ p.a. on drawings was inadvertently omitted. Adjust interest on drawings on an avarage basis for 6 months. Give the adjustment entry.

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Solution

Rectification Entry is as follows:-
Shristhi's capital A/c Dr 288
To Mannu's capital A/c 288
(Being adjustment entry passed)

Calculation of Opening Capital Mannu Shristhi
Closing capital 30,000 10,000
Less:profits (3000) (2000)
Opening capital 27,000 8000
Interest on capital @5% 1350 400

Drawings are already included in the capital. Interest on drawings is calculated for 6 months.
Table showing adjustments to be made
Particulars Mannu Shristhi
Interest on capital to be credited 1350 400
Interest on drawings to be debited (120) (60)
Profits to be credited 2058 1372
Profit wrongly credited (3000) (2000)
Net Effect 288 (288)

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Q. Mannu and shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on 31st March 2018:

BALANCE SHEET as at 31^st March, 2018
Liabilities		₹	Assets		₹
Mannu’s Capital	30,000		Drawings:
Shristhi’s Capital	10,000	40,000	Mannu	4,000
			Shristhi	2,000	6,000
			Other Assets		34,000
		40,000			40,000

Profit for the year ended 31st March, 2018 was ₹ 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

Q. Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following information is of the firm as on 31st March 2019:


Liabilities		₹	Assets		₹
Mannu’s Capital	30,000		Drawings:
Shristhi’s Capital	10,000	40,000	Mannu	4,000
			Shristhi	2,000	6,000
			Other Assets		34,000
		40,000			40,000

Profit for the year ended 31st March, 2019 was ₹ 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently omitted. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2017.

		Amount			Amount
Liabilities		Rs	Assets		Rs
Mannu’s Capital	30,000		Drawings :
Shristhi’s Capital	10,000	40,000	Mannu	4,000
			Shristhi	2,000	6,000
			Other Assets		34,000
		40,000			40,000

Profit for the year ended March 31, 2017 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

Q. Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balancesheet of the firm as on 31st March, 2018:

Mannu's capital:- 30,000 Mannu;s drawings:- 4000

Shristhi's capital:- 10,000 Shristhi's drawings:- 2000
(a) Profit for the year ended 31st March, 2018 was Rs. 5,000 which was divided in the agreed ratio,

(b) Interest @ 5% p.a. on capital and @ 6% pa. on drawings was inadvertently enquired.

Give the adjustment entry. Notes;- Drawings already adjusted in the capital.

Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3:2. Following is the balance sheet of the firm as on March 31,2006.

Balance Sheet

as on March 31, 2006

$\begin{matrix} Liabilities & Amt. (Rs) & Assets & Amt. (Rs) Mannu's Capital & 30, 000 & Drawings Shristhi's Capital & 10, 000 - ------ - & 40, 000 & Mannu & 4, 000 Shristhi & 2, 000 - ---- - & 5, 000 Other Assets & 34, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 40, 000 - ------ - - ------ - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 40, 000 - ------ - - ------ - \end{matrix}$

Profit for the year ended March 31, 2006 was Rs 5,000 which was divided in the agreed ratio, but interest @5% pa on capital and @ 6% pa on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

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Particulars	Mannu	Shristhi
Interest on capital to be credited	1350	400
Interest on drawings to be debited	(120)	(60)
Profits to be credited	2058	1372
Profit wrongly credited	(3000)	(2000)
Net Effect	288	(288)