Question

P, Q and R were partners and the balance of their capital accounts on 1st April 2015 were Rs. 8,00,000 (credit); Rs. 5,00,000 (credit) and Rs. 20,000 (debit) respectively. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. and is to be charged on drawings @ 12% p.a.

Partners withdrew as follows:
(i) P withdrew Rs. 10,000 p.m. at the end of each month;
(ii) Q withdrew Rs. 1,20,000 out of capital on 1st January 2016
(iii) R withdrew Rs. 1,20,000 during the year.

The profit for the year ended 31st March 2016 amounted to Rs.4,30,000
You are required to prepare journal entries and partner's capital accounts​

Answer 1

Answer:1 charge on drawing A/c 134400

To drawing A/c 134400

Explanation:(p) withdrewn 10 000 each month

Then 10 000×12=120 000

Then interest on drawing given in the question

12%

A.T.A 120 000+12%= 134 400

Answer 2

Answer:

I hope this will help you