Journal
| Date |
Particulars |
L.F. |
Debit Amount
(₹) |
Credit Amount
(₹) |
2019
March 31 |
Shyam’s Current A/c |
Dr. |
|
200 |
|
|
Mohan’s Current A/c |
Dr. |
|
400 |
|
|
To Ram’s Current A/c |
|
|
600 |
|
(Interest on Capital adjusted) |
|
|
|
Working Notes:
1. Calculation of Interest on Capital 10% p.a.
Interest on Ram's Capital = 3,00,000 x \(\frac{10}{100}\) = Rs 30,000
Interest on Shyam's Capital = 1,00,000 x \(\frac{10}{100}\) = Rs 10,000
Interest on Mohan's Capital = 2,00,000 x \(\frac{10}{100}\) = Rs 20,000
2. Calculation of Interest on Capital 9% p.a.
Interest on Ram's Capital = 3,00,000 x \(\frac{9}{100}\) = Rs 27,000
Interest on Shyam's Capital = 1,00,000 x \(\frac{9}{100}\) = Rs 9,000
Interest on Mohan's Capital = 2,00,000 x \(\frac{9}{100}\) = Rs 18,000
3. Statement Showing Adjustment
|
Particulars |
Ram |
Shyam |
Mohan |
Total |
|
Interest on Capital credited at 10% p.a. |
30,000 |
10,000 |
20,000 |
60,000 |
|
Interest on Capital wrongly credited at 9% p.a. reversed |
(27,000) |
(9,000) |
(18,000) |
(54,000) |
|
Right distribution |
3,000 |
1,000 |
2,000 |
6,000 |
|
Wrong distribution of Rs 6,000 (2 : 1 : 2) |
(2,400) |
(1,200) |
(2,400) |
(6,000) |
|
Net Effect |
600 |
(200) |
(400) |
NIL |
