Question

Sajal and Sanskar are partners in a firm sharing profits in the ratio 2:3. Their capital accounts as on April 4
1, 2019, showed balances of 70,000 and 3 60,000 respectively. The drawings of Sajal and Sanskar during
the year 2019-2020 were 16,000 and 12,000 respectively. Both the amounts were withdrawn on 1st
January 2020. It was subsequently found that the following items had been omitted while preparing the
final accounts for the year ended 31st March, 2020:
(i) Interest on capitals @ 6% p.a.,
(ii) Interest on drawings @ 6% p.a.;
(iii) Sajal was entitled to a commission of 4,000 for the whole year.
Showing your workings clearly, pass a rectifying entry in the books of the firm.​

Answer 1

Explanation:

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