Net loss of the firm as per profit and loss account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika and Vidushi are partners, sharing profits and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000 and Vidushi Rs. 3,50,000. On the basis of the above information, pass the necessary journal entry

Question

Accepted Answer

Yaduvanshi current A/c Dr. 30,000 Madhulika current A/c Dr. 30,000 Vidushi current A/c Dr. 15,000 To profit & loss A/c 75,000

Answer

Yaduvanshi capital A/c Dr. 30,000 Madhulika capital A/c Dr. 30,000 Vidushi capital A/c Dr. 15,000 To profit & loss A/c 75,000

Answer

Profit & loss A/c Dr. 75,000 To Yaduvanshi capital A/c 30,000 To Madhulika capital A/c 30,000 To Vidushi capital A/c 15,000

Answer

Profit & loss A/c Dr. 75,000 To Yaduvanshi current A/c 30,000 To Madhulika current A/c 30,000 To Vidushi current A/c 15,000

Partner	Calculation	Share of Loss
Yaduvanshi	2/5 × 75,000	Rs. 30,000
Madhulika	2/5 × 75,000	Rs. 30,000
Vidushi	1/5 × 75,000	Rs. 15,000

Particulars	Dr. (Rs.)	Cr. (Rs.)
Yaduvanshi's Current A/c Dr.	30,000	—
Madhulika's Current A/c Dr.	30,000	—
Vidushi's Current A/c Dr.	15,000	—
To Profit & Loss A/c	—	75,000

List-I	List-II
Interest on Drawings	Time (Month)
(A) When the amount is withdrawn at the beginning of each month.	(I) 6 months
(B) When the amount is withdrawn at the end of each month.	(II) 6.5 months.
(C) When the amount is withdrawn at the middle of each month.	(III) 5.5 months.
(D) When the amount is withdrawn at the end of each quarter.	(IV) 4.5 months.

Loss Distribution

Journal Entry

CUET Accountancy Past Year Questions (Topic-Wise)

Solution

Loss Distribution

Journal Entry

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)