Ram Mohan and Sohan Were partners sharing profit in the ratio of 2:1:1 . ram withdrew Rs.3000 every month and Mohan withdrew Rs.4000 every month . interest on drawings at 6% per annum was charged where as partnership deed was silent about interest on drawings . show your working clearly pass the necessary adjustment entry to rectify the error
Ram Mohan and Sohan Were partners sharing profit in the ratio of 2:1:1 . ram withdrew Rs.3000 every month and Mohan withdrew Rs.4000 every month . interest on drawings at 6% per annum was charged where as partnership deed was silent about interest on drawings . show your working clearly pass the necessary adjustment entry to rectify the error
- 20
Ram, Mohan and Sohan were partners sharing profits in the ratio of
2 : 1 : 1. Ram withdrew ₹ 3,000 every month and Mohan withdrew ₹ 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.
- -19
Ram Mohan and Sohan where partners sharing ratio in to receive and receive an withdraw 3000 every month and Mohan withdrawal 4000 every month interest on drawing 6% per annum was charged whereas partnership deed was silent about interest on drawing showing your working clearly pass the necessary adjustment entry to rectify the error
- -16
Ram Mohan and Sohan Were partners sharing profit in the ratio of 2:1:1 . ram withdrew Rs.3000 every month and Mohan withdrew Rs.4000 every month . interest on drawings at 6% per annum was charged where as partnership deed was silent about interest on drawings . show your working clearly pass the necessary adjustment entry to rectify the error
- 34
Pass necessary adjustment entry.
Ram, Mohan and Sohan were partners sharing profits in the ratio of 2:1:1. Ram withdrew * 3,000 every
month and Mohan withdrew 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas
the partnership deed was silent about interest on drawings.
Showing your working clearly, pass the necessary adjustment entry to rectify the error
- 6
Hello,
Journal
Date Particulars Dr. Cr.
Ram's Capital A/C Dr. 180
Sohan's Capital A/C Dr. 630
To Mohan's Capital A/C 810
(Being Adjustment entry for
Interest on drawings wrongly charged)
Working Note:
Adjustment Table
Particular Ram Mohan Sohan
Interest on drawing, wrongly debited 1080 1440
Loss to be debited 1260 630 630
Net Total 180 810 630
Dr. Cr. Dr.
Journal
Date Particulars Dr. Cr.
Ram's Capital A/C Dr. 180
Sohan's Capital A/C Dr. 630
To Mohan's Capital A/C 810
(Being Adjustment entry for
Interest on drawings wrongly charged)
Working Note:
Adjustment Table
Particular Ram Mohan Sohan
Interest on drawing, wrongly debited 1080 1440
Loss to be debited 1260 630 630
Net Total 180 810 630
Dr. Cr. Dr.
- 2
Particulars | Dr. (Rs) | Cr. (Rs) |
Ram’s Capital A/c …Dr Mohan’s Capital A/c …Dr To Sohan’s Capital A/c (Being interest on Drawing Charged Wrongly, now Rectified) |
180 630 |
810 |
Working Notes:
WN1:
Table Adjustments
Particulars | Ram | Mohan | Sohan | Total |
Interest on Drawing Wrongly Debited | 1,080 | - | 1,440 | 2,520 |
Profits to be credited | 1,260 | 630 | 630 | 2,520 |
Amount to adjusted | 180(Dr.) | 630(Dr.) | 810(Cr.) |
WN2: Interest on Drawing Wrongly Debited
Ram’s Interest on Drawing= 36,000×6/100×6/12=1,080
Sohan’s Interest on Drawing= 48,000×6/100×6/12=1,440
WN3: Profits to be credited (1,080+1,440=2,520)
Ram = 2,520×2/4=1,260
Mohan =2,520×1/4=630
Sohan = =2,520×1/4=630
- 2