Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at ₹ 3,00,000, ₹ 1,00,000, ₹ 2,00,000. For the year ended 31st March, 2018, interest on capital was credited to them 9% instead of 10% p.a. The profit for the year before charging interest was ₹ 2,50,000.Show your working notes clearly and pass necessary adjustment entry.

Ram, Shyam and Mohan were partners in a firm sharing profits and losse

1.	Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at ₹ 3,00,000, ₹ 1,00,000, ₹ 2,00,000. For the year ended 31st March, 2018, interest on capital was credited to them 9% instead of 10% p.a. The profit for the year before charging interest was ₹ 2,50,000.Show your working notes clearly and pass necessary adjustment entry.
Answer» Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at ₹ 3,00,000, ₹ 1,00,000, ₹ 2,00,000. For the year ended 31st March, 2018, interest on capital was credited to them 9% instead of 10% p.a. The profit for the year before charging interest was ₹ 2,50,000. Show your working notes clearly and pass necessary adjustment entry.