Question

On 31st March 2018 the balance in the capital accounts of abhir , bobby and vineet after making adjustment for profit and drawings were 80,0000 6,00,000 and 4,00,000 respectively. Subsequently it was discovered that interest on capital and interest on drawing has been omitte. The partnersxwere entitled to interest on capital @10%p.a and were to be charged interest on drawing @6%p.a The drawings during the years were: Abhir- 20,000 drawn at the end of each month, Bobby- 50,000 drawn at beginning of every half year and vineet - 1,00,000 withdrawn on 31th October 2017. The net profit for year ended 31st March 2018 was 1,50,000. The profit sharing ratio was 2:2:1.
Pass thr neccessary adjustment entry in the book of firm. Also show ur working clearly

Answer 1

Answer:

Abhir = = Rs.6,600

Bobby = = Rs.4,500

Vineet = = Rs.2,500

3)Calculation of Interest on Capital

Abhir = = Rs.98,000

Bobby = = Rs.64,000

Vineet = = Rs.47,000

Redistribution of Interest on Capital will have to be made as it has not been provided that the Interest on Capital is a charge against profit,and the profit after Interest on drawings is only Rs.1,63,000-

Abhir = = Rs.76,712

Bobby = = Rs.50098

Vineet = = Rs.36790

Answer 2

Answer:

this time is enjoying not a study time

sorry please mark as brainlist