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Accountancy · 2023 · 1 mark
Accounting for Partnership: Basic ConceptsDistribution of Profit among Partners1 markvery short answer
CBSE 2023 · Region 1 · Set 1 · Q11
'A' and 'B' were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : 1. 'A' withdrew a fixed amount of ₹ $\displaystyle 12,000$ at the beginning of each quarter. Interest on drawings is charged @ $\displaystyle 6$% p.a. The journal entry for charging interest on drawings at the end of the year will be :
Official answer
From CBSE’s own marking scheme for this paper.
(C)
A's Capital A/c Dr. ₹ $\displaystyle 1,800$ To Interest on drawings A/c ₹ $\displaystyle 1,800$
Marking-scheme solution
(c)
A’s Capital A/c Dr. `$\displaystyle 1,800$
To Interest on drawings A/c ` $\displaystyle 1,800$
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.