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Ashish and aakash are partners sharing …

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Ashish and aakash are partners sharing profit in the ratio of 3:2. Their capital accounts showed a credit balance of ₹500000 and ₹600000 respectively as on 31st March 2019after debit of drawings during the year of ₹150000 & ₹100000 respectively. Net profit for the year ended 31st March 2019 was ₹500000. Interest on capital is to be allowed @10% p. a. Pass the journal entry for interest on capital and prepare profit and loss appropriation account.

Posted by Shikha Thakur 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Jitender Mittal 6 years, 7 months ago

Ans First of All u Have to calculate opening Capitals by Adding Drawings .then u can easily cal.the amount of interest on capital.after calculating the amount then u can pass the journal entry int. on cap to Part. cap a/c & P/l appro.A/Cdr to Int.on Cap A/c

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