[ISC] Q. 72 Solution of Fundamentals of Partnership Firms TS Grewal (2023-24)

Solution of Question number 72 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

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 values, profit for the year ended 31st March 2023, ₹ 24,000 was credited to partners in their profit sharing ratio. Their drawings during the year were ₹ 5,000 (Mohan), ₹ 4,000 (Vijay), and ₹ 3,000 (Anil). Subsequently, following omissions were notices and it was decided to rectify them:

(i) Interest on capital @ 10% p.a.

(ii) Interest on drawings: Mohan ₹ 250, Vijay ₹ 200 and Anil ₹ 150.

Rectify the errors by passing a Journal entry and show your workings clearly.

Solution:-

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