Question

Aarav, Bhanu and Sandeep are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final accounts have been prepared, it was discovered the interest on drawings @ 5% p.a had not been taken into consideration. The drawings o the partners were Rs.1,50,000; Rs.1,26,000 and Rs.1,20,000. Give the necessary adjusting journal entry with the table​

Answer 1

Answer:

Capital a/c Dr.

To interest on drawings

(being interest on drawings)