Mand N were partners in a firm sharing profits in 3 : 2 ratio. Their r

1.	Mand N were partners in a firm sharing profits in 3 : 2 ratio. Their respectcapitals were *2,00,000 and 3,00,000. The partnership deed provided the folTheir respective fixelA the followingi.Interest on capital @ 10% p.a.ii.Interest on drawing @ 12% p.a.During the year ended 31-3-2014, M's drawings were 7. 1,000 per month drawnathe end of every month and N's drawings were 7. 2,000 per month drawn in thebeginning of the every month. After the preparation of final accounts for the year ende31-3-2014 it was discovered that interest on M's drawings was not taken inconsideration.Calculate interest on M's drawings and give necessary adjusting entry for the same.
Answer» CAPITAL were M 2,00,000 Interested on 10% is 2,00,000=20,000 N3,00,000=30,000 capital. capital M A/c. 2,00,000. N A/c. 3,00,000 20,000. 30,000 drawing 1,80,000. 2,70,000 Then INTEREST on drawing M 1,80,000=21600 N 2,70,000=32400

Mand N were partners in a firm sharing profits in 3 : 2 ratio. Their respectcapitals were *2,00,000 and 3,00,000. The partnership deed provided the folTheir respective fixelA the followingi.Interest on capital @ 10% p.a.ii.Interest on drawing @ 12% p.a.During the year ended 31-3-2014, M's drawings were 7. 1,000 per month drawnathe end of every month and N's drawings were 7. 2,000 per month drawn in thebeginning of the every month. After the preparation of final accounts for the year ende31-3-2014 it was discovered that interest on M's drawings was not taken inconsideration.Calculate interest on M's drawings and give necessary adjusting entry for the same.

Answer»

CAPITAL were M 2,00,000 Interested on 10% is

2,00,000=20,000

N3,00,000=30,000

capital. capital

M A/c. 2,00,000. N A/c. 3,00,000

20,000. 30,000

drawing 1,80,000. 2,70,000

Then INTEREST on drawing

M 1,80,000=21600

N 2,70,000=32400

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