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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.
By: Aman ProfileResourcesReport error
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