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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsHard

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A and B shared profit of ₹40000 equally. Later it was found that interest on B's drawings of ₹20000 at 10% for six months was not charged. What is the correction?

Answer and explanation

Correct answer: Debit B ₹500 and credit A ₹500

Omitted interest is ₹1000 and equal profit sharing would return half to B. Net correction is ₹500 in favour of A.

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Partnership Past Adjustment Drawings Interest Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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