QUESTION: 24
Naresh and Sukesh are partners with capitals of ₹ 3,00,000 each as on 31st March, 2022. Naresh had withdrawn ₹ 50,000 against capital on 1st October, 2021 and ₹ 1,00,000 drawings against profit. Sukesh also had drawings of ₹ 1,00,000.
Interest on capital is to be allowed @ 10% p.a.
Net Profit for the year was ₹ 2,00,000, which is yet to be distributed.
Pass the Journal entries for interest on capital and distribution of profit.
Answer:
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