X, Y and Z are partners (fixed capitals) sharing profits in the ratio of 3:2:1. After closing accounts for the year ending 31st March 2021, it was found that excess interest on capital @2% p.a. was provided to the partners by mistake. As a result profit of the year got reduced by Rs.2,400. An adjustment entry was recorded for the same: | ||||||
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The capital of the partners in the beginning were? |
A) X 60,000; Y 50,000 and Z 40,000
B) X 50,000; Y 40,000 and Z 20,000
C) X 30,000; Y 40,000 and Z 50,000
D) X 50,000; Y 40,000 and Z 30,000
Correct Answer: D
Solution :
X 50,000; Y 40,000 and Z 30,000You need to login to perform this action.
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