[CBSE] Q. 71 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 71 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

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 2023, ₹ 24,000, and been credited to partners in their profit sharing ratio. 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.

[Ans.: Debit Anil by ₹ 550 and Credit Mohan by ₹ 550; Correct profit transferred to each partner ₹ 6,100]

Solution:-

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