Question

Ramesh, Mahesh and Suresh are partners sharing profits and losses in the ratio of 2:2:1. After the final accounts have been prepared, it was discovered that interest on drawings @ 10% p.a. had not been taken onto consideration. The drawings of the partners were: X - Rs. 1,50,000; Y - Rs. 1,20,000; Z - Rs. 1,00,000. Give necessary adjusting entry.​

Answer 1

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