{"id":55348,"date":"2024-04-16T00:25:50","date_gmt":"2024-04-16T00:25:50","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55348"},"modified":"2024-04-16T00:25:50","modified_gmt":"2024-04-16T00:25:50","slug":"anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/","title":{"rendered":"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000&#8243; option2=&#8221;Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000&#8243; option3=&#8221;Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000&#8243; option4=&#8221;Anu will be debited with Rs. 4,000 and Tanu will be credited with Rs. 4,000&#8243; correct=&#8221;option3&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>C. Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000.<\/strong><\/p>\n<p>The interest on capital is an income for the partners. Since it was omitted to be provided, it should be adjusted in the current year&#8217;s accounts. The adjusting entry will be:<\/p>\n<ul>\n<li>Debit Interest on Capital A\/c (Anu) Rs. 4,000<\/li>\n<li>Credit Interest on Capital A\/c (Tanu) Rs. 4,000<\/li>\n<\/ul>\n<p>This will increase Anu&#8217;s capital by Rs. 4,000 and decrease Tanu&#8217;s capital by Rs. 4,000.<\/p>\n<p>Here is a detailed explanation of each option:<\/p>\n<ul>\n<li>Option A: Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000. This is incorrect because the interest on capital is an income for the partners, not an expense. Therefore, it should be credited to the partners&#8217; capital accounts, not debited.<\/li>\n<li>Option B: Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000. This is incorrect because the interest on capital is an income for the partners, not an expense. Therefore, it should be credited to the partners&#8217; capital accounts, not debited.<\/li>\n<li>Option C: Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000. This is correct because the interest on capital is an income for the partners, and it should be credited to the partners&#8217; capital accounts.<\/li>\n<li>Option D: Anu will be debited with Rs. 4,000 and Tanu will be credited with Rs. 4,000. This is incorrect because the interest on capital is an income for the partners, not an expense. Therefore, it should be credited to the partners&#8217; capital accounts, not debited.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000&#8243; option2=&#8221;Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000&#8243; option3=&#8221;Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000&#8243; option4=&#8221;Anu will be debited with Rs. 4,000 and Tanu &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/#more-55348\">Detailed Solution<span class=\"screen-reader-text\">Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. 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-55348","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>Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. 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\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000&#8243; option2=&#8221;Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000&#8243; option3=&#8221;Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000&#8243; option4=&#8221;Anu will be debited with Rs. 4,000 and Tanu ... Detailed SolutionAnu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:25:50+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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. 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\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/","og_locale":"en_US","og_type":"article","og_title":"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry","og_description":"[amp_mcq option1=&#8221;Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000&#8243; option2=&#8221;Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000&#8243; option3=&#8221;Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000&#8243; option4=&#8221;Anu will be debited with Rs. 4,000 and Tanu ... Detailed SolutionAnu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry","og_url":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:25:50+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/","url":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/","name":"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:25:50+00:00","dateModified":"2024-04-16T00:25:50+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/anu-and-tanu-are-equal-partners-with-fixed-capitals-of-rs-200000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-dis-covered-that-the-interest\/#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":"Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. 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\/55348","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=55348"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/55348\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=55348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=55348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=55348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}