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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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A and B share profits in (2:1). Interest on drawings is (₹3000) for A and (₹6000) for B. What will this adjustment do before profit distribution?

Answer and explanation

Correct answer: It will increase profit by (₹9000)

Interest on drawings is a recovery from partners so divisible profit increases. It is credited to profit and loss appropriation account.

Related tags

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

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