Question

2020.
7. On 31st March, 2014, the balances in the Capital Accounts of
Eshwar, Antonio and Chetan after making adjustments for
profits and drawings were * 150000, 210000 and 270000
respectively. Subsequently, it was discovered that the interest on
capital and drawings had been omitted.
a. The profit for the year ended 31st March, 2014 was 120000.
b. During the year Eshwar withdrew * 24000 and Antonio and
Chetan each withdrew a sum of 24000 equal instalments In the
middle of each quarter.
c. The interest on drawings was to be charged As @ 5% p.a. and
interest on capital was to be allowed @10% p.a.
d. The profit-sharing ratio among the partners was 1:2:3.
Showing your working notes clearly, pass the necessary
rectifying entry.

Answer 1

2020.

7. On 31st March, 2014, the balances in the Capital Accounts of

Eshwar, Antonio and Chetan after making adjustments for

profits and drawings were * 150000, 210000 and 270000

respectively. Subsequently, it was discovered that the interest on

capital and drawings had been omitted.

a. The profit for the year ended 31st March, 2014 was 120000.

b. During the year Eshwar withdrew * 24000 and Antonio and

Chetan each withdrew a sum of 24000 equal instalments In the

middle of each quarter.

c. The interest on drawings was to be charged As @ 5% p.a. and

interest on capital was to be allowed @10% p.a.

d. The profit-sharing ratio among the partners was 1:2:3.

Showing your working notes clearly, pass the necessary

rectifying entry.

sorry

sorry