Ram, Mohan and Sohan sharing profits and losses equally have capitals of ₹ 1,20,000, ₹ 90,000 and ₹ 60,000. For the year ended 31st March, 2018, interest was credited to them @ 6% instead of 5%. Give adjustment Jounral entry.

Ram, Mohan and Sohan sharing profits and losses equally have capitals

1.	Ram, Mohan and Sohan sharing profits and losses equally have capitals of ₹ 1,20,000, ₹ 90,000 and ₹ 60,000. For the year ended 31st March, 2018, interest was credited to them @ 6% instead of 5%. Give adjustment Jounral entry.
Answer» ustment Jounral entry for the given case is provided below:EXPLANATION:Given,Ram, Mohan and Sohan sharing profits and losses equally have CAPITALS of ₹ 1,20,000, ₹ 90,000 and ₹ 60,000.The interest was credited to them @ 6% instead of @ 5%.Calculation of Interest on Capital at 6% p.a:Calculation of Interest at the RATE of 6%Interest on Ram's Capital Interest on Mohan's Capital Interest on Sohan's Capital Calculation of Interest on Capital at 5% p.a:Calculation of Interest at the rate of 5%Interest on Ram's Capital Interest on Mohan's Capital Interest on Sohan's Capital The adjustment journay entry is given below

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Ram, Mohan and Sohan sharing profits and losses equally have capitals of ₹ 1,20,000, ₹ 90,000 and ₹ 60,000. For the year ended 31st March, 2018, interest was credited to them @ 6% instead of 5%. Give adjustment Jounral entry.

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