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Question
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000. Interest on her drawings amounted to Rs.300. Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Solution
Journal
| Date | Particulars | L.F. | Dr. (Rs.) | Cr. (Rs.) |
|
Nusrat’s Current A/c Dr To Interest on Drawings A/c (Being interest charged on drawings to Nusrat’s current A/c) |
300
|
300
|
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