Question

X, Y and 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 @ 5% p.a. had not been taken into consideration. The drawings of the Partners were: X ₹15,000; Y ₹12,600; Z ₹12,000. Give the necessary adjusting journal entry.


Your answer


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Answer 1

Explanation:

IOD a/c Dr. 1980

To X's capital a/c 750

To Y's capital a/c 630

To Z's capital a/c 600