A and B are two partners sharing profits and losses in the ratio of 2:...
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Accounting
A and B are two partners sharing profits and losses in the ratio of 2: 1. On January 01, 2011, their capital account showed balances of Rs 1,20,000 and Rs 90,000, respectively. Drawings made by A and B during the year were Rs 20,000 and Rs 16,000 respectively. As per their partnership deed, interest on drawings is to be charged at 15% p.a. After closing the accounts for the year 2011, it was found that the profit was distributed without charging interest on drawings. Pass the necessary Journal entry for adjustment of interest on drawings.
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