[ISC] Q. 71 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 71 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Roshan, Mahesh, Gopi, and Jai are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The balances of Capital Accounts on 1st April 2015 were: Roshan ₹ 8,00,000, Mahesh ₹ 5,00,000, Gopi ₹ 6,00,000 and Jai ₹ 6,00,000.

After the accounts for the year ended 31st March 2016 were prepared, it was discovered that interest on capital @ 10% per annum as provided in the Partnership Deed had not been credited to the Partner’s Capital Accounts before the distribution of profits.

You are required to rectify the error by passing a single adjusting Journal entry.

Solution:-

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