Question

FUNDAMENTALS WORKSHEET- 9

Q. 1. A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 1. After the final

accounts have been prepared, it was discovered that interest on drawings had not been taken

into consideration. The interest on drawing of partners amounted to A Rs.8,000, B Rs.6,000 and

C Rs.4,000. Give the necessary adjusting journal entry.​

Answer 1

Explanation:

IOD a/c Dr. 18000

To A's capital a/c 8000

To B's capital a/c 6000

To C's capital a/c 4000