[ISC] Q. 83 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 83 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Hari, Kunal, and Uma are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final accounts had been prepared, It was noticed that interest on drawings @ 5% p.a. has not been charged.

The drawings of partners were: Hari ₹ 30,000; Kunal ₹ 25,200; Uma ₹ 24,000.

Pass the necessary adjusting Journal entry.

Solution:-

Note:- When Drawings is given for the whole year without date, Interest on drawings is calculated for the 6 months average.

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