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LoginA B and Carepartnersin afirm partnership Deed doesnot providesfor interest on capital , still it wascareditedtopartners'capital Accounts @5%p.afor the twoyears ended31stMarch2018and 31 st March, 2019theirfixedcapitals on whichinterestwascalculated throughout were:
A- Rs. 50,000,B-Rs. Rs 40,000and c- Rs. 30,000
During the twoyearstheyshared profitsas follows :
2017-1885:32,2018-1902:2:1
youarerequiredto pass an adjustmententryas at1stApril, 2019.
Class 12 Accounts in Class 12 3 years ago
Note :-Sinceintereston capitalwasallowedprofit DECREASED by thetotalamountof interest ,interestallowed wastakenby thepartnersin theirprofit-Sharingratiothereforeintereston capital SHOULDBE weittenbackandprofiti.e total amountofinterest) shouldbecreditedtopartnersin theirin theirprofit - sharing RATIO .
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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