[ISC] Q. 79 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)
Solution of Question number 79 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.
Mohan, Vijay, and Anil are partners, the balances of their capital accounts being ₹ 30,0000; ₹ 25,0000, and ₹ 20,0000 respectively. In arriving at these values, profit for the year ended 31st March 2024, ₹ 24,0000 was credited to partners in their profit sharing ratio. Their drawings during the year were ₹ 5,0000 (Mohan), ₹ 4,0000 (Vijay), and ₹ 3,0000 (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 ₹ 2500, Vijay ₹ 200 and Anil ₹ 1500.
Rectify the errors by passing a Journal entry and show your workings clearly.
Solution:-
