Question

Q. 20 A and B were partners in a firm sharing profits in the ratio of 2/1 . The partnership deed

(i) A's drawings were 5,000 per month in the beginning of every month.

provided interest on drawings @ 12\% p.a. During the year : (ii) B's drawings were 10,000 per quarter. Net profit for the year was distributed without charging interest on drawings. In the adjustment entry : (A) Cr. A 2,100 and Dr. B 2,100 (B) Cr. A 1,900 and Dr. B 1,900
(C) Dr. A 300 and Cr. B 300 (D) Cr. A 300 and Dr. B 300​

Answer 1

Answer:

From the following Balance Sheet of X and Y, calculate interest on capital 5% pa. for the year ended 31st March, 2018:

During the year ended 31st March, 2018, X

′

s drawings were Rs.10,000 and Y

′

s drawings were Rs.30,000. Profit for the year ended 31st March, 2018 was Rs.60,000. The amount of Reserve, i.e., Rs.40,000 is transferred from Current Year's profit to strengthen the financial position of the firm.

Answer 2

Answer:

refer to the attachment for the answer.

hope its helps..