Question 40 Chapter 3 - Unimax Class 12 Part 1 - 2021

Particulars	P	Q	Particulars	P	Q
To drawings	40000	10000	By Balance b/d	200000	150000
To Interest on drawings A/c	1000	250	By Profit	30000	20000
To Bal c/d	213500	178350	By Salary A/c	12000	9600
			By Commission	500	-
			By Int. on Capital A/c	12000	9000
	254500	188600		254500	188600

Working Notes :
(1) P’s Interest on drawings = Rs. 40000 x 5% x 6/12
                                            =Rs. 1000
Q’s Interest on drawings = Rs. 10000 x 5% x 6/12 = Rs. 250
(2) Interest on loan to Q should be credited to his loan account or to a separate outstanding interest account

https://tutorstips.com/what-is-partnership/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication