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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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A and B share profits in (5:4). A's capital is (₹180000) and B's capital is (₹90000). Interest on capital (10%) was omitted. Who will gain in rectification?

Answer and explanation

Correct answer: A by (₹6000)

Total interest is (₹27000). Wrong excess profit was (₹15000) and (₹12000) while correct interest is A (₹18000) and B (₹9000). A gains (₹3000).

Related tags

Partnership Adjustments Omitted Interest Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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