Question

X, Y &Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final

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

into consideration. The interest on drawings of partners amounted to X Rs. 250, Y Rs. 180 and

Z Rs. 100. Give the journal entries.​

Answer 1

Answer:

Y's Capital/Current A/C - Dr     3

Z's Capital/Current A/C - Dr     12

    X's Capital/Current A/C - Dr       15

Explanation:

Since Intt. on Drawings was omitted, charge intt. on dwg from partners, then distribute the firm's gain to the partners in their PSR, ie 3:2:1.

Then, balance the accounts of the partners and pāss the journal entry.