Question

Mohan 27,000, Vijay 321,000, Anil 15,000; D.
Q. 61 (A). Mohan, Vijay and Anil are partners, their capitals being <30,0
325,000 and 320,000 respectively. In arriving at these figures, the profits for the ye
ended, 31st March, 2018 24,000 has already been credited to the partners in the
proportion in which they share profits. Their drawings were 5,000 (Mohan); 24,00
(Vijay) and 3,000 (Anil) for the year ending 31st March, 2018. Subsequently to
following omissions were noticed and it was decided to bring them into Account
(1) Interest on Capital at 10% p.a.
(ii) Interest on Drawings Mohan 250, Vijay 200 and Anil 150.
Make the necessary journal entry and prepare Capital Accounts of Partner's
.
[Ans. Opening Capitals
Anil's Capital by 3550 and Cr. Mohan's Capital by *550. Adjusted Capital accoum
balances Mohan 30,550; Vijay *25,000; Anil 19,450.]​

Answer 1

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