Mohan, Vijay and Anil are equal partners, the balances in their capital accounts being` 30,000, 25,000...

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Mohan, Vijay and Anil are equal partners, the balances in their capital accounts being` 30,000, 25,000 and 20,000 respectively. In arriving at these figures, the profits for the year ended December 31,1992 are 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were: Mohan 5,000, Vijay` 4,000 and Anil 3,000 in 1992. Subsequently, the following omissions were noticed and it was decided to bring them into account. (i) Interest on capital @ 10% p.a. (ii) Interest on Drawings: Mohan 250, Vijay 200and Anil 150. Make the necessary rectifications through a Journal entry and show your workings clearly. (CBSE 1994) Mohan, Vijay and Anil are equal partners, the balances in their capital accounts being` 30,000, 25,000 and 20,000 respectively. In arriving at these figures, the profits for the year ended December 31,1992 are 24,000 had already been credited to partners in the proportion in which they shared profits. Their drawings were: Mohan 5,000, Vijay` 4,000 and Anil 3,000 in 1992. Subsequently, the following omissions were noticed and it was decided to bring them into account. (i) Interest on capital @ 10% p.a. (ii) Interest on Drawings: Mohan 250, Vijay 200and Anil 150. Make the necessary rectifications through a Journal entry and show your workings clearly. (CBSE 1994)

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