[NCERT] Q 27 Accounting for Partnership Basic Concepts Solutions Class 12 (2022-23)

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Solution of Question number 27 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board 2022-23 Session?

On March 31, 2017, after the close of books of accounts, the capital accounts of Ram, Shyam and Mohan showed balance of ₹ 24,000 ₹ 18,000 and ₹ 12,000 respectively. It was later discovered that interest on capital @ 5% had been omitted. The profit for the year ended March 31, 2017, amounted to ₹ 36,000 and the partner’s drawings had been Ram, ₹ 3,600; Shyam, ₹ 4,500 and Mohan, ₹ 2,700. The profit-sharing ratio of Ram, Shyam and Mohan was 3 : 2 : 1. Calculate interest on capital.

[Ans: Interest on Ram’s Capital ₹ 480; Shyam’s Capital, ₹ 525 and Mohan’s Capital, ₹ 435]


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