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 figures, the profits for the year ended 31st March, 2016, ₹ 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were ₹ 5,000 (Mohan), ₹ 4,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to bring them into account:(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.

Mohan, Vijay and Anil are partners, the balances of their Capital Acco

1.	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 figures, the profits for the year ended 31st March, 2016, ₹ 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were ₹ 5,000 (Mohan), ₹ 4,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to bring them into account:(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.
Answer» 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 figures, the profits for the year ended 31st March, 2016, ₹ 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were ₹ 5,000 (Mohan), ₹ 4,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to bring them into account: (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.