[CBSE] Q. 47 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 47of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A and B were partners sharing profits in 2 : 1 ratio. During the year ended 31st March, 2023, A’s drawings were ₹ 50,000 per month drawn in the beginning of every month and B’s drawings were ₹ 25,000 per month drawn at the end of every month. After the preparation of final accounts, it was discovered that interest on A’s drawings @ 12% p.a. was not taken into consideration. Give the necessary adjusting entry on 1st April, 2023.

Ans.

A’s Capital A/c Dr. 13,000
To B’s Capital A/c 13,000

Solution:-

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