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Question -

On March 31, 2017, after the close of books of accounts, the capital accounts of Ram, Shyam and Mohan showed balance of ₹ 24,000 ₹ 18,000 and ₹ 12,000, respectively. It was later discovered that interest on capital @ 5% had been omitted. The profit for the year ended March 31, 2017, amounted to ₹ 36,000 and the partner’s drawings had been Ram, ₹ 3,600; Shyam, ₹ 4,500 and Mohan, ₹ 2,700. The profit sharing ratio of Ram, Shyam and Mohan was 3:2:1. Calculate interest on capital.



Answer -

 

Ram

Shyam

Mohan

Capital on March 31

24,000

18,000

12,000

Add: Drawings

3,600

4,500

2,700

Less: Profit (3:2:1)

(18,000)

(12,000)

(6,000)

Capital April 01, 2012

9,600

10,500

8,700

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