Question

On March, 31, 2019 the balance in the capital accounts of Sonu,
Monu an Tony, after making adjustments for profits, drawing, etc. were
Rs. 8.00.000. Rs 6,00,000 and 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 @ 5
p.a. The drawings during the year were Sonu
Rs. 2,00,000; Monu Rs.
1,50.000 and Tony Rs. 90.000. Interest on drawings chargeable to
partners were Sonu Rs, 5000, Monu Rs. 3600 and Tony Rs. 2000. The
net profit during the year amount to Rs. 1,20,000, The Profit sharing
ratio was 3:2.1. Record necessary adjustment entries.​

Answer 1

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