Accounting for Partnership : Basic Concepts | Past Adjustments | Problem 37 Solution | NCERT

#class12 #class12accounts #class12accountancy #ncert #ncertsolutions #ncertsolution #ncertsolutionsinhindi #ncertsolution #cbse #puc #partnership #hindi #ncerthindi The net profit of X, Y and Z for the year ended March 31, 2016 was ₹ 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under mentioned transactions were not recorded in the books : (i) Interest on Capital @ 5% p.a. (ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300. (iii) Partner’s Salary : X ₹ 1000, Y ₹ 1500 p.a. The capital accounts of partners were fixed as : X ₹ 1,00,000, Y ₹ 80,000 and Z ₹ 60,000. Record the adjustment entry. Accounting for Partnership - Basic Concepts Past Adjustments Partners' Capital Accounts Partners' Current Accounts Fixed Capital Method Fluctuating Capital Method Partners Business Partners Firm Class 12 Accounts Partnership Fundamentals Intro: 00:00 Problem Statement : 00:26 Analysis : 02:16 Method 1: Using P&L Adjustment A/c: 06:21 Method 2: Directly in Partners Current A/c: 18:12 Outro: 27:37 Additional problems on Accounting for Partnership : Basic Concepts, Guarantee of Profit to the Partners can be found at https://eduxir.com/curriculum/cbse/class-x... Class 12 Accountancy Books: https://amzn.to/3kMGdDX #SpecialAspectsOfPartnershipAccounts #SpecialFeaturesOfPartnershipAccounts #DistributionOfProfits #PastAdjustments #DistributionOfProfitsAmongParters #DistributionOfProfitsAmongTheParters #Partners #Partnership #Accounting #Accounts #Commerce #NCERT #CBSE #PUC #Class12 #PartnershipFundamentals #MadeWithVideoscribe #WhiteBoard #WhiteBoardAnimation