Accounting for Partnership : Basic Concepts | Past Adjustments | Problem 42 Solution | NCERT

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Mohan, Vijay and Anil are partners, the balances in their capital accounts being ₹ 30,000, ₹ 25,000 and ₹ 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2017 amounting to Rupees 24,000 had been credited to partners in the proportion in which they shared profits. During the year the drawings of Mohan, Vijay and Anil were ₹ 5,000, ₹ 4,000 and ₹ 3,000, respectively. Subsequently, the following omissions were noticed:
(a) Interest on Capital, at the rate of 10% p.a., was not charged.
(b) Interest on Drawings: Mohan ₹ 250, Vijay ₹ 200, Anil ₹ 150 was not recorded in the books.
Record necessary corrections through journal entries.

Accounting for Partnership - Basic Concepts
Past Adjustments
Partners' Capital Accounts
Partners' Current Accounts
Fixed Capital Method
Fluctuating Capital Method
Partners
Business Partners
Firm
Class 12 Accounts
Partnership Fundamentals

Intro: 00:00
Problem Statement : 00:25
Analysis : 01:35
Outro: 27:06

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