Question

Q73.(2020 edition)
On 31March, 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-Rs 50,000 drawn at the beginning of every half year and Vineet -Rs. 1,00,000 withdrawn on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.

Answer 1

Answer:

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