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A and B Were Partners in a Firm Sharing Profits in the Ratio of 4:5. During the Year Ended 31-3-2015 a Withdrew Rs.19,000. Interest on A'S Drawings Was Rs.700. - CBSE (Arts) Class 12 - Accountancy

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Question

A and B were partners in a firm sharing profits in the ratio of 4:5. During the year ended 31-3-2015 A withdrew Rs.19,000. Interest on A's drawings was Rs.700.

Pass necessary Journal entry for charging interest on A's drawings assuming that the capitals of the partners were fixed.

Solution

                                                                       Journal

Date Particulars L.F. Dr. (Rs) Cr. (Rs)
 

A’s Current A/c                                                                 Dr

          To Interest on Drawings A/c

(Being interest on drawings charged to A’s Capital A/c)

 

700

 

 

 

700

 

  Is there an error in this question or solution?

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Solution A and B Were Partners in a Firm Sharing Profits in the Ratio of 4:5. During the Year Ended 31-3-2015 a Withdrew Rs.19,000. Interest on A'S Drawings Was Rs.700. Concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method.
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