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66. Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being ? 30,000, < 25,000 and
320,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2021. 24,000 had
been credited to partners in their profit-sharing ratio
. Their drawings were 5,000 (Mohan), 2 4,000 (Vijay
and 3,000 (Anil) during the year. Subsequently, following omissions were noticed and it was decided to
rectify the errors:
(a) Interest on capital @ 10% pa
(b) Interest on drawings: Mohan 250, Vijay200 and Anil 150.
Make necessary corrections through a Journal entry and show your workings clearly.
fans. Debit Anil by 550 and Credit Mohan by 550; Corrected Profit transferred to each partner 6, 100.1
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