Question

40. On March 31, 2017 the balance in the capital accounts of Eluin, Monu and
Ahmed, after making adjustments for profits, drawing, etc; were Rs. 80,000
Rs. 60,000 and Rs. 40,000 respectively. Subsequently, it was discovered that
interest on capital and interest on drawings had been omitted.
The partners were entitled to interest on capital @ 5% p.a. The drawings
during the year were Eluin Rs. 20,000; Monu, Rs. 15,000 and Ahmed, Rs. 9,000
Interest on drawings chargeable to partners were Eluin Rs, 500, Monu Rs. 360
and Ahmed Rs. 200. The net profit during the year amounted to Rs. 1,20,000
The profit sharing ratio was 3:2 : 1. Record necessary adjustment entry.
(Ans : Eluin (Dr.) Rs.570, Monu (Cr.) Rs.10 and Ahmed (Cr.) Rs.560)​

Answer 1

Answer:

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Explanation:

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