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.

Answer 1

                                                                       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