question_answer

X, Y and Z were partners sharing profit in the ratio 2:2:1. After the books were closed, following ommissions were disclosed:

(i) Salary of Rs. 1,800 was payable to X was omitted.

(ii) Interest on capital @ 10% have been omitted.

The fixed capital were             X ? Rs. 36,000             Y ? Rs. 48,000             Z ? Rs. 42,000 Profit before considering the above items were Rs. 36,000 which was already distributed among the partners. Pass necessary journal entry to rectify the above omissions.

Answer:

Not Available