Answer to Question #192418 in Economics for Raghav Hasija

Question

Prerna, Kashish and Sanchi are partners sharing profits in the ratio of their capitals which stood at ₹1,00,000 each withdrew ₹15,000, ₹10,000 and ₹11,000 respectively. It was however agreed amongst the partners that any drawings in excess of ₹10,000 shall be subject to an interest at 10% p.a. It was also agreed that interest on capital is to be provided at 6%. The profit for the year before making any adjustments as given above were ₹48,000. The credit balance of the partners' current accounts were ₹10,000 each. Draw up necessary ledger accounts for the above. 

Answer 1

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