Question

10: Manoj Sahil and Dipankar are partners in a firm sharing profit and losses equally.
The have omitted interest on Capital @ 10% per annum for there years ended on 31st
March, 2015. Their fixed Capital on which interest was to be calculated throughout
were-
Manoj Rs. 3,00,000
Sahil Rs. 2,00,000
Dipankar Rs. 1,00,000
Give the necessary adusting journal entry with working notes.​

Answer 1

manoj. 300,ooo is my answrr

Answer 2

Journal Entry of Interest on Capital as on 31st March, 2015

Explanation:

Interest on Capital A/c Dr . 60,000

Interest on Capital A/c Dr . 60,000 To Manoj's Capital A/c 30,000

Interest on Capital A/c Dr . 60,000 To Manoj's Capital A/c 30,000 To Sahil's Capital A/c 20,000

Interest on Capital A/c Dr . 60,000 To Manoj's Capital A/c 30,000 To Sahil's Capital A/c 20,000 To Dipankar Capital A/c 10,000

#As interest on capital is a expense for the business or company.

Therefore it will be debited while preparing the Accounts.

Increase in Capital A/c Dr .

#As there is a increase in the capital A/c / increase in Liabilities of the company or business.

Therefore, capital account of partners will be credited with their amount.

To Partner's Capital A/c

In this case,

(To Manoj's Capital A/c

To Sahil's Capital A/c

To Dipankar's Capital A/c)