Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000

1.	Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000, Rs 6,000 respectively. As per the partnership agreement, there is a provision for allowing interest on capitals 5% pa but entries for the same have not been made for the last three years. The profit sharing ratio during these years remainded as follows Year Anju Manju Mamta 2004 4 3 5 2005 3 2 1 2006 1 1 1 Make necessary adjustment entry at the beginning of the fourth year i.e., Jan 2007.
Answer» Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000, Rs 6,000 respectively. As per the partnership agreement, there is a provision for allowing interest on capitals 5% pa but entries for the same have not been made for the last three years. The profit sharing ratio during these years remainded as follows Year Anju Manju Mamta 2004 4 3 5 2005 3 2 1 2006 1 1 1 Make necessary adjustment entry at the beginning of the fourth year i.e., Jan 2007.

Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000, Rs 6,000 respectively. As per the partnership agreement, there is a provision for allowing interest on capitals 5% pa but entries for the same have not been made for the last three years. The profit sharing ratio during these years remainded as follows Year Anju Manju Mamta 2004 4 3 5 2005 3 2 1 2006 1 1 1 Make necessary adjustment entry at the beginning of the fourth year i.e., Jan 2007.

Answer»

Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000, Rs 6,000 respectively. As per the partnership agreement, there is a provision for allowing interest on capitals 5% pa but entries for the same have not been made for the last three years. The profit sharing ratio during these years remainded as follows

Year Anju Manju Mamta

2004 4 3 5

2005 3 2 1

2006 1 1 1

Make necessary adjustment entry at the beginning of the fourth year i.e., Jan 2007.

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