Sarthaks Test
0 votes
18.4k views
in Accounts by (64.1k points)

Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2: 1: 2. Their capitals were fixed at Rs.3, 00,000, Rs.1, 00,000, Rs.2,00,000. For the year 2009, interest on capital was credited to them @ 9% instead of 10% p.a. The profit for the year before charging interest Rs.2, 50,000. Show your working notes clearly and pass necessary adjustment entry.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Working Notes :

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...