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Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsAdjustmentsExpert
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Interest on capital (₹24000) was omitted last year. Profit had been shared in (3:1). A and B's interest amounts are (₹15000) and (₹9000). Who will gain in rectification?

Answer and explanation

Correct answer: B by (₹3000)

The omitted interest would have reduced shares by (₹18000) and (₹6000) in profit ratio. B should receive (₹9000) so B gains (₹3000).

Related tags

PartnershipAdjustmentsRectificationPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the main purpose of adjustments in partnership accounts?
  2. 2What is generally prepared to correct an error in past profit distribution in partnership?
  3. 3If partner salary was omitted by mistake it will be credited to which partners account?
  4. 4If interest on capital was omitted what is the correct effect on partners account?
  5. 5If interest on drawings was omitted, what will happen in the concerned partner's account?
  6. 6If profit has been distributed in wrong ratio what is compared in correction?
  7. 7In adjustment table if a partner received less profit what will happen to his account?
  8. 8In adjustment table if a partner received excess profit what will happen to his account?
  9. 9If A received five thousand rupees less profit, what entry will be made to A's account during adjustment?
  10. 10If B has been paid an excess profit of ₹3,000, what adjustment will be made to B's account during the adjustment?
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