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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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Last year's profit (₹96000) was shared in capital ratio (5:3) but the correct ratio was (3:1). Which partner will be credited in rectification?

Answer and explanation

Correct answer: First partner by (₹6000)

Wrong shares are (₹60000) and (₹36000) while correct shares are (₹72000) and (₹24000). The first partner needs credit of (₹12000).

Related tags

Partnership Adjustments Wrong Profit Ratio Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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