{"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>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9740eb6660a\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Anu will be credited with Rs. 6,000 and Tanu will be credited with Rs. 8,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Anu will be debited with Rs. 16,000 and Tanu will be debited with Rs. 8,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Anu will be debited with Rs. 4,000 and Tanu will be credited with Rs. 4,000                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--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 <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 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 <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> 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>Subscribe on YouTube<\/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":[],"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. 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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. 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