Mohan, Vijay and Anil are partners, the balance on their capital accounts being Rs 30,000, Rs 25,000 and Rs 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2007 amounting to Rs 24,000 had been credited to partners in the proportion in which they shared profits. During the year their drawings for Mohan, Vijay and Anil were Rs 5,000, Rs 4,000 and Rs 3,000 respectively. Subsequently, the following omissions were noticed

(a) Interest on Capital, at the rate of 10% pa, was not charged.

(b) Interest on Drawings Mohan Rs 250, Vijay Rs 200, Anil Rs 150 was not recorded in the books.

Record necessary corrections through journal entries.

tuteeHUB earn credit +10 pts


( 5 ) 1 Rating

Report

Posted on 17 Oct 2024, this text provides information on Business Studies related to Standard XII. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

Take Quiz To Earn Credits!

Turn Your Knowledge into Earnings.

tuteehub_quiz

Write Your Comments or Explanations to Help Others





webstory_list_img
Business Studies
webstory_list_img
Physics
webstory_list_img
Chemistry
webstory_list_img
Mathematics
webstory_list_img
Biology
webstory_list_img
Business Studies

Are you worried how you'll answer job interview questions? Don't panic! Interview question has got them all listed out for you in every industry , job role and company you can think. Simply,Choose a subject/topic and start preparing for your next interview round!

open app imageOPEN APP