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Ram, Shyam, Ghanshyam and Radheshyam are …

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Ram, Shyam, Ghanshyam and Radheshyam are partners sharing profits and losses on the ratio of 4:3:3:2. Their respective fixed capitals on 31 March, 2022 were Rs. 1,20,000, 1,80,000,2,40,000 and Rs. 1,80,000 respectively. After preparing the final accounts for the year ended 31 March, 2022, it was discovered that interest on capital @ 12% per annum was not allowed and interest on drawings amounting to Rs.. 4,000, Rs. 5,000, Rs. 3,000 and Rs. 2,400 respectively was also not charged.Pass the necessary adjustment journal entry showing your working clearly

Posted by Jiya Singh 5 months ago

CBSE > Class 12 > Accountancy

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