there are 3 partners in a firm trading garments s ,t,r profit ratio 5:3:2 capital on 1 April 2013 were 200000 ,400000,800000 respectively they donate on a flood as follow
s withdrawal 40000 from firm on 15 sep. 2013
t took garments from firm cost 48000 on the other hand r withdrawal 400000 from her capital on 1 jan. 2014
partnership deed provide interest on drawing @6% p.a. after making final acc it was discovered that interest on drawing had not charged . pass journal entries and show working notes clearly
please solve it as fast as possible

Dear Student,

The solution to this question is given below.
Date Particulars L.F. Debit Amount
Credit Amount
  R’s Capital A/c Dr.   4,396  
     To S’s Capital A/c       2,710
     To T’s Capital A/c       1,686
  (Interest on Drawings has been charged, now adjusted)        

Adjusting Table:
Particulars S T R Total
Interest on Drawings 1,300 720 6,000 8,020
Profit of Rs 8,020 shared in ratio 5:3:2 (4,010) (2,406) (1,604) (8,020)
Difference 2,710 (Cr.) 1,686 (Cr.) 4,396 (Dr.) Nil

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