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Question 28 Chapter 2 of Class 12 Part – 1 VK Publication

Question 28 Chapter 2 of Class 12 Part - 1 VK Publication
Question 28 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 28 Chapter 2 of Class 12 Part – 1

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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 During the year ended 31st March, 2015 Tom had withdrawn Rs. 40,000.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 . FDr. ₹Cr. ₹
2015
Mar. 31
Tom’s Capital A/cDr. 2,000 
 To Interest on Drawngs A/c   2,000
 (Being interest on Drawings being charged )    

 

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Also, Check out the solved question of all Chapters: –

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)

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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

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms 

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