Question

M
the capital of Arif & Bushra stood at Rs.800,000
and as 4,00,000 respectively after the necessary
adjustments in respect of drawings and not profit
for the year ended 31st March, 2016. It was
subsequently ascertained that interest on capital @
10% p.a and interest on drawings @ 5% p.a were not
taken into account in arriving at the divisible profite -
for the year
The drawing of the partners had been : Asif Rs 12,000 -
drawn at the end of each half year & Bushra R
12,000 drawn at the end of each quater.
The net profit for the year amounted to Rs 2,000.00
The partners share prout a losses in the ratio 3:2
You are required to pass the necessary journal entries
to rectify the lapse in accounting .
I Working noles should form part of your answer​

Answer 1

Answer:

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