Saved Bookmarks
| 1. |
Naresh and Sukesh are partners with capitals of ₹ 3,00,000 each as on 31st March, 2019. Naresh had withdrawn ₹ 50,000 against capital on 1st October, 2018 and also ₹ 1,00,000 besides the drawings against capital. Sukesh also had drawings of ₹ 1,00,000.Interest on capital is to be allowed 10% p.a.Net profit for the year was ₹ 2,00,000, which is yet to be distributed.Pass the Journal entries for interest on capital and distribution of profit. |
|
Answer» Naresh and Sukesh are partners with capitals of ₹ 3,00,000 each as on 31st March, 2019. Naresh had withdrawn ₹ 50,000 against capital on 1st October, 2018 and also ₹ 1,00,000 besides the drawings against capital. Sukesh also had drawings of ₹ 1,00,000. Interest on capital is to be allowed 10% p.a. Net profit for the year was ₹ 2,00,000, which is yet to be distributed. Pass the Journal entries for interest on capital and distribution of profit. |
|