Interest on capital that should have been allowed: Vimla 2,000 and Kamla 3,000; total 5,000. This 5,000 was wrongly distributed as profit in 1:1, i.e. 2,500 each. Net effect: Vimla received 2,500 instead of 2,000 (excess 500); Kamla received 2,500 instead of 3,000 (short 500). Under fixed capital system, adjustments are made in Current Accounts. Entry: Vimla's Current A/c Dr 500; To Kamla's Current A/c 500.
A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit…
CUET UG 2022 — Accountancy Partnership
2022mcqmedium
A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla
Official previous-year question
Held on 16 Jul 2022 · Verified 13 Jul 2026.
Options
- A
Vimla's capital A/c Dr 500
To Kamla's Capital A/c 500 - B
Vimla's current A/c Dr 500
To Kamla's Current A/c 500 - C
Kamla's capital A/c Dr 500
To Vimla's Capital Dr 500 - D
Kamla's current A/c Dr 500
To Vimla's Current A/c 500
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