Question

On 315 March, 2018 the balance in the Capital Accounts of Abhir, Bobby and Vineet, after
making adjustments for profits and drawings were Rs.8,00,000, Rs.6, 00,000 & Rs.4,00,000 respectively.
Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The
partners were entitled to interest on capital @ 10% p.a., and were to be charged interest on drawings
@6% p.a. The drawings during the year were: Abhir -Rs.20,000 drawn at the end of each month, Bobby
-Rs 50,000 drawn at the beginning of every half year and Vineet -Rs. 1,00,000 withdrawn on
31stOctober, 2017. The net profit for the year ended 31st March, 2018 was Rs. 1,50,000. The profit
sharing ratio was 2:2:1.Pass necessary adjusting entry for the above adjustments in the books of
the firm. Also, show your workings clear

Answer 1

Explanation:

try to ask small questions

because nobody will answer big questions