Question

↵ plz provide solution for this,

Q. On March 31st, 2016, the balance in the capital accounts of Vinod, Hardik and Anoop after making adjustment for profits and
drawings were Rs. 3,20,000 , Rs. 2,40,000 and Rs. 1,60,000 respectively. Subsequently, it was discovered that the interest on capital
and drawings had been omitted.

The profit for the year ended on 31st March, 2016 was Rs. 90,000.

During the year, Vinod and Hardik each withdrew a sum of Rs. 48,000 in equal Investments in the middle of every month and Anoop withdrew Rs. 60,000.

The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a.

The profit sharing ratio of the partners was 3 : 2 : 1.

Showing your workings clearly pass the necessary rectifying entry.

Answer 1

on March 31st, 2016, the balance in the capital accounts of Vinod, Hardik and Anoop after making adjustment for profits and
drawings were Rs. 3,20,000 , Rs. 2,40,000 and Rs. 1,60,000 respectively. Subsequently, it was discovered that the interest on capital
and drawings had been omitted.

The profit for the year ended on 31st March, 2016 was Rs. 90,000.

During the year, Vinod and Hardik each withdrew a sum of Rs. 48,000 in equal Investments in the middle of every month and Anoop withdrew Rs. 60,000.

The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a.

The profit sharing ratio of the partners was 3 : 2 : 1.

Showing your workings clearly pass the necessary rectifying entry.the necessarily reflect was on the interest rate