Question

. On 31st March, 2018 the balance in the Capital Accounts of Abhir, Bobby and Vineet, after making

adjustments for profits and drawings were ` 8,00,000, ` 6,00,000 and ` 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—` 20,000 drawn at the end of each month, Bobby—` 50,000

drawn at the beginning of every half year and Vineet—` 1,00,000 withdrawn ont October, 2017. The

net profit for the year ended 31st March, 2018 was ` 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 clearly. (CBSE 2019)

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Answer 1

I think it's Anwser is 0:0