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Mona, Nisha and Priyanka were partners …

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Mona, Nisha and Priyanka were partners sharing profits and losses equally. Their respective capitals wereRs.30,000, Rs.20,000 andRs.10,000. After closing the accounts for the year 2019 it was discovered that the interest on capital at the rate 6% p.a. was omitted before distributing the profits. Instead of changing the audited balance sheet it was decided to pass a single adjusting entry in the beginning of the year, so that the accounts of the previous years can be rectified. Pass the journal entry and show the working notes

Posted by Jana Ca 1 year, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Himanshu Kumar 1 year, 5 months ago

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