Mohan, Vijay and Anil are partners, their capitals on 31st March 2024 after adjustments of drawings and profits were ₹ 30,000, ₹ 25,000 and ₹ 20,000 respectively

Mohan, Vijay and Anil are partners, their capitals on 31st March 2024 after adjustments of drawings and profits were ₹ 30,000, ₹ 25,000 and ₹ 20,000 respectively. Profits for the year ending 31st March 2024 were ₹ 24,000. Their drawings were ₹ 5,000 (Mohan); ₹ 4,000 (Vijay) and ₹ 3,000 (Anil) for the year ending 31st March, 2024. Subsequently, the following omissions were noticed and it was decided to bring them into account.

(i) Interest on Capital at 10% p.a.

(ii) Interest on Drawings Mohan ₹ 250, Vijay ₹ 200 and Anil ₹ 150.

Make the necessary Journal entry and prepare Capital Accounts of Partner’s

[Ans. Opening Capitals – Mohan ₹ 27,000, Vijay ₹ 21,000, Anil ₹ 15,000; Dr. Anil’s Capital by ₹ 550 and Cr. Mohan’s Capital by ₹ 550. Adjusted Capital Accounts balances Mohan ₹ 30,550; Vijay ₹ 25,000; Anil ₹ 19,450.]