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Accounting for Partnership Firms – Basic Concepts — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyAccounting for Partnership Firms – Basic Concepts3 Marks
Question
Assuming the capitals are fixed in Question give the necessary adjusting journal entry.
Mohan, Vijay and Anil are partners their capitals being ₹ 30,000, ₹ 25,000 and ₹ 20,000 respectively, In arriving at these figures, the profits for the year ended, 31st March, 2018 ₹ 24,000 has already been credited to the partners in the proportion in which they share profits. Their drawings were ₹ 5,000 (Mohan) ₹ 4,000 (Vijay) and ₹ 3,000 (Anil) for the year ending 31st March 2018. Subsequently the following omissions were noticed and it was decided to bring them into Account.
  1. Interest on Capital at 10% p.a.
  2. Interest on Drawings Mohan ₹ 250, Vijay ₹ 200 and Anil ₹ 150.
✓

Answer


   
₹
₹
Anil's Current A/c
 Dr.
450
 
To Mohan's Current A/c
  
 
450

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