Mohan and rohan are partners sharing profit and losses in the ratio 3:2 respectivly their trial balance as on 31st March 2020 was as follow .prepare trading and profit and loss account for the year ended on 31st March ,2020 and balance sheet as on that date after considering the adjustment given
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Answer:
Charge interest on Capital @ 6% and ₹ 500 on Drawings.
Step-by-step explanation:
Stage 1: Mohan and Sohan are accomplices sharing benefits and misfortunes in the proportion of 3:2 From the accompanying Preliminary Equilibrium and changes,
plan Exchanging and Benefit and Misfortune represent the year finished 31st Walk, 2020and monetary record as on that date:
Stage 2: Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.
Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.2. Discount 5% Deterioration on Freehold Premises and 20% on office furniture.
Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.2. Discount 5% Deterioration on Freehold Premises and 20% on office furniture.3. Commission procured however not got ₹ 500.
Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.2. Discount 5% Deterioration on Freehold Premises and 20% on office furniture.3. Commission procured however not got ₹ 500.4. Premium acquired yet not got ₹ 600.
Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.2. Discount 5% Deterioration on Freehold Premises and 20% on office furniture.3. Commission acquired yet not got ₹ 500.4. Premium procured however not got ₹ 600.5. ₹ 200 for lease have been gotten ahead of time.
Changes:- 1. Stock at 31st Walk 2020 is ₹ 70,000.2. Discount 5% Devaluation on Freehold Premises and 20% on office furniture.3. Commission acquired yet not got ₹ 500.4. Premium procured however not got ₹ 600.5. ₹ 200 for lease have been gotten in advance.6. Charge interest on Capital @ 6% and ₹ 500 on Drawings.
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Answer:
Step-by-step explanation: