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Statement Showing The Adjustment To Be Made: Less: Interest On Drawings S00 (-) 60
Statement Showing The Adjustment To Be Made: Less: Interest On Drawings S00 (-) 60
Statement Showing The Adjustment To Be Made: Less: Interest On Drawings S00 (-) 60
Adjusting Entry :-
ILLUSTRATION 62.
The capital accounts of Alka and Archana showed credit balances off4,00,000
of
and t3,00,000 respectively, after taking into account drawings and net profit
t2,00,000. The drawings of the partners during the year 2018-19 were:
(i) Alka withdrew t 10,000 at the end of each quarter.
(ii) Archana' s drawings were :
31st May, 2018 8,000
1st November, 2018 7,000
1st February, 2019 5,000
Calculate interest on partners' capitals @ 10% p.a. and interest on partners'
drawings @ 6% p.a. for the year ended 31st March, 20 I9.
(C.B.S.E. 2020, Kolkata, Lucknow)
SOLUTION:
Calculation of Opening Cai>il:ih :
~-....,, __,w.. ..:.~~ _ ~rliCJ!_I~:!.~~-.JiJ:ltJ. Atka ..Archana
Closing Capitals
t
4,00,000 "
3.00,000
Add : Drawings 40,000 20,000
Less : Profits (t2,00,000 in I : i) (1,00,000) (l,00,000)
Opening Capitals
Interest on Capital @ I0% p.a.
3,40,000
34,000
' 2~20,000
22,000
Interest on Drawings :
Alka's Interest on Drawings== 40,000 x 1~0 x ~; == t900
I
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