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Nusrat and Sonu Were Partners in a Firm Sharing Profits in the Ratio of 3:2. During the Year Ended 31-3-2015 Nusrat Had Withdrawn Rs.15,000. Interest on Her Drawings Amounted to Rs.300. Pass Necessary Journal Entry for Charging Interest on Drawing Assuming that the Capitals of the Partners Were Fixed. - Accountancy

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Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000. Interest on her drawings amounted to Rs.300. Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.

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Solution

                                                                                   Journal

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

Nusrat’s Current A/c                                                               Dr

             To Interest on Drawings A/c

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

 

300

 

 

 

300

 

Concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method
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