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Naresh and Sukesh are partners with …

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Naresh and Sukesh are partners with capitals of 3,00,000 each as on 31st March, 2023. Naresh withdrawn 50,000 against capital on 1st October, 2022 and 1,00,000 drawings against profit. Su 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. [Ans.: For Interest on Capital: Dr. Profit & Loss Appropriation A/c by 82,5 Cr. Naresh's Capital A/c by 42,500 & Sukesh's Capital A/c by 40,00 For Profit distribution: Dr. Profit & Loss Appropriation A/c by 1,17,500 Cr. Naresh's Capital A/c by * 58,750 and

Posted by Mohan Kumar 1 year, 7 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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