[ISC] Q. 86 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 86 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 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:-

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