Answer:
JOURNAL
Working Notes 1. Statement Showing Adjustment Date Particulars LF Amt (Dr) Amt (Cr.) 2017 Apr 1 Nitin's Capital A/c Dr 3,500 Megha's Capital A/c Dr 1,500 To Priyanka's Capital A/c 1,500 To Ankit's Capital A/c 3,500 (Being the adjustment of interest on capital omitted in previous year)
2. Calculation of Interest on Capital Nitin\[=60,000\times \frac{5}{100}=Rs.\,3,000;\] Megha \[=1,00,000\times \frac{5}{100}=Rs.\,5,000;\] Priyanka \[=1,60,000\times \frac{5}{100}=Rs.\,8,000;\] Ankit \[=2,00,000\times \frac{5}{100}=Rs.\,10,000;\] Particulars Nitin Megha Priyanka Ankit Total Amount to be Credited Interest on Capital @ 5% 3,000 5,000 8,000 10,000 26,000 Amount to be Debited Share of profit (26,000 in 1 : 1 : 1 : 1) 6,500 6,500 6,500 6,500 26,000 3,500 (Dr) 1,500 (Dr) 1,500 (Cr) 3,500 (Cr) -
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