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On 31st March 2019, the balances …

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On 31st March 2019, the balances in the Capital Accounts of Raman, Naman and Chaman after making adjustments for Profits were Rs.1,60,000, Rs.1,20,000 and Rs.1,60,000 respectively. Subsequently, it was discovered that interest on capital had been omitted. i) The profit for the year ended 31st March 2019 was Rs.60,000 ii) The interest on capital is to be allowed @ 10% p.a. iii) The profit sharing ratio among the partners was 1:2:1. Show your working notes clearly, pass the necessary rectifying entry.

Posted by Itz Meh 11 months, 2 weeks ago

CBSE > Class 12 > Accountancy

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