Question

A and B share profits in the ratio of 3:2. Their drawings for the
year ending 31st March, 2016 were as under:
Rs.
B
Rs.
1st May, 2015
6,000 | 1st April, 2015
5,000
30th November, 2015 8,000 31st August, 2015 6,000
31 January, 2016 7,000 31st October, 2015 4,000
1st February, 2016 2,000
315 March, 2016 3,000
Calculate interest on drawings @ 15% p.a. for the year ended
on 31st March, 2016 and pass the necessary journal entries for
the same.​

Answer 1

Explanation:

and B share profits in the ratio of 3:2. Their drawings for the

year ending 31st March, 2016 were as under:

Rs.

B

Rs.

1st May, 2015

6,000 | 1st April, 2015

5,000

30th November, 2015 8,000 31st August, 2015 6,000

31 January, 2016 7,000 31st October, 2015 4,000

1st February, 2016 2,000

315 March, 2016 3,000

Calculate interest on drawings @ 15% p.a. for the year ended

on 31st March,