Sachin, Dhoni and Rahul are partners, the balances of their capital account being Rs. 60,000, Rs. 50,000 & Rs. 40,000 resp. in arriving at these figures, the profits for the year ended 31st March, 2012 Rs. 48,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were Rs. 5,000 (Sachin), Rs. 4,000(Dhoni) & Rs. 3,000(Rahul) during the year. Subsequently, the following omissions were noticed and it was decided to bring them into account: a. Interest on capital @ 10% p.a. b. Interest on Drawings @ 10% p.a. Make the necessary correction through a journal entry and show your working clearly.
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n arriving at these figures, the profits for the year ended March 31, 2017 amounting to Rupees 24,000 had been credited to partners in the proportion in which they shared profits. During the tear their drawings for Mohan, Vijay and Anil were Rs 5,000, Rs 4,000
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