{"id":54048,"date":"2024-04-16T00:03:32","date_gmt":"2024-04-16T00:03:32","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54048"},"modified":"2024-04-16T00:03:32","modified_gmt":"2024-04-16T00:03:32","slug":"asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/","title":{"rendered":"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500&#8243; option2=&#8221;Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500&#8243; option3=&#8221;Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000&#8243; option4=&#8221;Asha will be credited with Rs. 5,000 and Vipasha will be credited with Rs. 2,000&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500<\/strong><\/p>\n<p>Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum.<\/p>\n<p>The interest on capitals for Asha for the year ending 31st March 2019 is:<\/p>\n<p>= 5,00,000 x 6\/100 x 12\/12<br \/>\n= Rs. 1,500<\/p>\n<p>The interest on capitals for Vipasha for the year ending 31st March 2019 is:<\/p>\n<p>= 2,00,000 x 6\/100 x 12\/12<br \/>\n= Rs. 600<\/p>\n<p>The adjusting entry to record the interest on capitals is:<\/p>\n<p>Interest on Capitals A\/c Dr.<br \/>\nTo Asha&#8217;s Capital A\/c<br \/>\nTo Vipasha&#8217;s Capital A\/c<\/p>\n<p>= 1,500<br \/>\n= 1,500<br \/>\n= 600<\/p>\n<p>Therefore, Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500.<\/p>\n<p>Explanation of each option:<\/p>\n<ul>\n<li>Option A: Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500. This is the correct answer.<\/li>\n<li>Option B: Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500. This is incorrect because Asha should be debited, not credited.<\/li>\n<li>Option C: Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000. This is incorrect because the interest on capitals for Asha is only Rs. 1,500, not Rs. 5,000.<\/li>\n<li>Option D: Asha will be credited with Rs. 5,000 and Vipasha will be credited with Rs. 2,000. This is incorrect because the interest on capitals for Vipasha is only Rs. 600, not Rs. 2,000.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500&#8243; option2=&#8221;Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500&#8243; option3=&#8221;Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000&#8243; option4=&#8221;Asha will be credited with Rs. 5,000 and Vipasha &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/#more-54048\">Detailed Solution<span class=\"screen-reader-text\">Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-54048","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500&#8243; option2=&#8221;Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500&#8243; option3=&#8221;Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000&#8243; option4=&#8221;Asha will be credited with Rs. 5,000 and Vipasha ... Detailed SolutionAsha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:03:32+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/","og_locale":"en_US","og_type":"article","og_title":"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry","og_description":"[amp_mcq option1=&#8221;Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500&#8243; option2=&#8221;Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500&#8243; option3=&#8221;Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000&#8243; option4=&#8221;Asha will be credited with Rs. 5,000 and Vipasha ... Detailed SolutionAsha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry","og_url":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:03:32+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/","url":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/","name":"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:03:32+00:00","dateModified":"2024-04-16T00:03:32+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/asha-and-vipasha-are-equal-partners-with-fixed-capitals-of-rs-500000-and-rs-200000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-the-inter\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/54048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=54048"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/54048\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=54048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=54048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=54048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}