{"id":57964,"date":"2024-04-16T01:11:09","date_gmt":"2024-04-16T01:11:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=57964"},"modified":"2024-04-16T01:11:09","modified_gmt":"2024-04-16T01:11:09","slug":"x-y-and-z-are-equal-partners-with-fixed-capitals-of-rs-500000-rs-300000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-t","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/x-y-and-z-are-equal-partners-with-fixed-capitals-of-rs-500000-rs-300000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-t\/","title":{"rendered":"X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, 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>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a974186a5796\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    X was debited with Rs. 2,000 and Z was credited with Rs. 2,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    X was credited with Rs. 2,000 and Z was debited with Rs. 2,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Dr. X and Cr. Y by Rs. 2,000                <\/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. Dr. X and Cr. Y by Rs. 2,000<\/strong><\/p>\n<p>Explanation:<\/p>\n<p>X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, 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 X, Y and Z for the year ending 31st March 2019 <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> is calculated as follows:<\/p>\n<p>X = 5,00,000 x 6\/100 x 12 = Rs. 30,000<br \/>\nY = 3,00,000 x 6\/100 x 12 = Rs. 18,000<br \/>\nZ = 1,00,000 x 6\/100 x 12 = Rs. 6,000<\/p>\n<p>The total interest on capitals that should have been provided for the year ending 31st March 2019 is Rs. 30,000 + Rs. 18,000 + Rs. 6,000 = Rs. 54,000.<\/p>\n<p>However, only Rs. 45,000 was provided. Therefore, an additional interest of Rs. 9,000 (54,000 &#8211; 45,000) is to be provided.<\/p>\n<p>Since X, Y and Z are equal partners, the additional interest of Rs. 9,000 is to be shared equally between them. Therefore, each partner will be entitled to an additional interest of Rs. 3,000.<\/p>\n<p>The adjusting entry to record the additional interest on capitals is as follows:<\/p>\n<p>Interest on Capitals A\/c Dr. 9,000<br \/>\nX&#8217;s Capital A\/c Cr. 3,000<br \/>\nY&#8217;s Capital A\/c Cr. 3,000<\/p>\n<p>The above entry will debit the Interest on Capitals account and credit the capital accounts of X and Y. This is because the partners are entitled to interest on their capitals. The amount of interest is calculated based on the partners&#8217; capital balances.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel 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>X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, 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. 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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\/x-y-and-z-are-equal-partners-with-fixed-capitals-of-rs-500000-rs-300000-and-rs-100000-respectively-after-closing-the-accounts-for-the-year-ending-31st-march-2019-it-was-discovered-that-t\/","og_locale":"en_US","og_type":"article","og_title":"X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, 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. 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