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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsHard

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A and B are equal partners. Interest on A's drawings of ₹5000 was wrongly debited as an expense. What is the correct treatment?

Answer and explanation

Correct answer: Debit A ₹7500 and credit B ₹2500

Interest on drawings is income and due from A. Treating it as expense also reduced profit by ₹5000 so correct the combined effect.

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Partnership Error Correction Interest On Drawings Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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