Muft Shiksha
Update

Muft Shiksha™ एक 100% Free Education Portal है 🇮🇳, जिसका उद्देश्य Class 9–12 के हर विद्यार्थी तक High-Quality Education को पूरी तरह मुफ्त पहुँचाना है। 🇮🇳 हम मानते हैं कि अच्छी शिक्षा किसी student की आर्थिक स्थिति पर निर्भर नहीं होनी चाहिए। 🇮🇳 हर विद्यार्थी को वही Quality Study Material, MCQs, Quizzes, Exam Preparation, Concept-Based Learning और Bilingual Support मिलना चाहिए, जो आमतौर पर महंगी Coaching या Premium Platforms में मिलता है। Muft Shiksha™ 🇮🇳 इसी सोच के साथ बनाया गया है

Subjects
Class 12AccountancyPartnership Accounts - Basic ConceptsAdjustmentsExpert
0 reads0 ratings0 helpful

A and B share profits in (3:2). Interest on A's drawings (₹5000) was omitted and profit (₹75000) was already distributed. What is the final effect in rectification?

Answer and explanation

Correct answer: (₹2000) will go from A to B

Interest on drawings increases profit by (₹5000) and is shared (3:2). A pays (₹5000) but gets (₹3000) back so A's net loss is (₹2000).

Related tags

PartnershipAdjustmentsOmitted Drawings InterestPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
सुधार सुझाएँ / Earn

Was this question useful?

No ratings yetWrite a review / Rate this question

Student Reviews

No published reviews yet.

KEEP PRACTISING

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?
Found an issue? Help improve this questionMy reports and replies

Add Muft Shiksha to your Home Screen

In Safari, tap Share, then Add to Home Screen.