Question 28 Chapter 2 of Class 12 Part – 1
28. Tom and Harry were partners in a firm sharing profits in the ratio of 5:3. During the year ended 31st March, 2015 Tom had withdrawn Rs. 40,000. Interest on his drawings amounted to Rs. 2,000.
Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating
The solution of Question 28 Chapter 2 of Class 12 Part – 1: –
Journal Entry
| Date |
Particulars | L . F | Dr. ₹ | Cr. ₹ | |
| 2015 Mar. 31 |
Tom’s Capital A/c | Dr. | 2,000 | ||
| To Interest on Drawngs A/c | 2,000 | ||||
| (Being interest on Drawings being charged ) |
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
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)
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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)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
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
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Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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