Owner of enterprise pays interest on drawings due to entity concept.

Interest on capital will be provided as per the partnership deed . since the books were closed before providing for the same rectification entry will be passed.
Profit before interest proportioned to the partners as they are EQUAL PARTNERS are:
Somesh = 6,000 × 1/2 = Rs. 3,000
Ramesh = 6,000 × 1/2 = Rs. 3,000
The interest to be provided on capital = 5% of 1,20,000 = Rs. 6,000
Interest to be proportioned to the partners in the ratio of their capital i.e. 1:2. Thus:
Somesh’s share = 1/3 × 6,000 = Rs. 2,000
Ramesh’s share = 2/3 × 6,000 = Rs. 4,000
Thus for rectification Somesh’s account will be debited by Rs 1,000.

Sale or return basis is an arrangement by which a retailer pays only for goods sold, returning those that are unsold to the wholesaler or manufacturer. The customer do not pay for the goods until they confirm to buy. If they do not buy, those goods will return to us.
Goods on the ‘sale or return’ basis will not be treated as normal sales and should be included in the closing inventory unless the sales have been confirmed by customer.
Here as No confirmation has been received from Annu Ltd. till 31st March, 2012. So the goods will be included in the closing inventory at cost or market price whichever is lower. Here it will be included on cost i.e. Rs. 10,000.

Discounting bills of exchange is a financial service, where the Bank purchases drawn bills, from the domestic trade transactions, confirmed in particular with an invoice - with right of recourse to you - and credits you with the amount of the bill of exchange less discount interest and additional costs related to the bill, accrued in advance from the discount date to the bill payment term.
The amount of proceeds sent to Sohan will be:
Total bill amount = Rs. 2,000
Less:6% of 2,000 × 3/12 = 30
Amount received from bank by Mohan = 2,000 – 30 = 1,970
Amount sent to Sohan = 1/2 of 1,970 = Rs. 985

Gross profit is a company’s revenue minus its cost of goods sold. Gross profit is a company’s residual profit after selling a product or service and deducting the cost associated with its production and sale.
Cost of goods sold is the direct costs attributable to the production or purchase of the goods sold by a company. It excludes indirect expenses such as distribution costs and sales force cost.
Cost of goods sold in the above case = opening stock + purchases + carriage-closing stock = 1,00,000
Gross profit = sales-cost of goods sold = 1,25,000 – 1,00,000 = Rs. 25,000

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organisation’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records at a particular point in time. Such differences may occur, for example, because a cheque or a list of cheques issued by the organization has not been presented to the bank, a banking transaction, such as a credit received, or a charge made by the bank, has not yet been recorded in the organisation’s books, or either the bank or the organization itself has made an error.

Cost concept has been followed in the given case.

In the given case, sale will be treated at time of delivery only.