Subjective Questions on Mohan Vijay and Anil are partners the balances of their Capital Accounts being 30 000 25 000 and 20 ........... for Commerce 12th Preparation

Accountancy ( 12th)

Title

45:30

Video Progress

8 of 24 completed

Notes Progress

5 of 15 completed

MCQs Progress

38 of 100 completed

Subjective Progress

8 of 20 completed

Continue to Next Topic

Indian Economy - Understanding the basics of Indian economic system

Next Topic

    Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being 30,000, 25,000 and 20,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2019,  24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were  5,000 Mohan,  4,000 Vijay and   3,000 Anil during the   year. Subsequently, the following omissions were noticed and it was decided to rectify the errors:

    a Interest on capital @ 10% p.a.

    b Interest on drawings: Mohan 250, Vijay 200 and Anil 150.

    Make necessary corrections through a Journal entry and show your workings clearly.

    Download Model Answer

    ProfileResources

    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free