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Question 30 Chapter 2 of Class 12 Part - 1
30. Palash and Samir were partners in a firm sharing profits in the ratio of 52. During the ended 31st March, 2018 Palash had withdrawn Rs. 90,000. Interest on his drawings amounted to Rs. 7,000.
Pass necessary journal entry for charging interest on drawings assuming that the c the partners were fluctuating.
Journal Entry
| Date |
Particulars | L . F | Dr. ₹ | Cr. ₹ | |
|---|---|---|---|---|---|
| 2018 Mar. 31 |
Palash’s Capital A/c | Dr. | 7,000 | ||
| To Interest on Drawings A/c | 7,000 | ||||
| (Being interest on Drawings being charged ) |
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Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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