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

Dear Raghav Hasija, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order