Chhavi and Neha were partners in a firm sharing profits and losses equally . chhavi withdraw a fixed amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the year, interest on Chhavi's journal entry for charging interest on drawings. drawings amounted to 900. Pass necessary journal entry for charging internet on drawing

Interest on drawings is deducted fromChoose one optionCapital A/cExpense A/cIncome A/cOther liability A/c

Mr. Ram is a partner in a form He draw RS. 3000 from the firm in the beginning of every monthinterest on drawings is to be charged at the rate of 9% for annum calculate interest on drawingsfor the year 2022

Edward and Hayward are partners. Edward draws a fixed amount at the beginning of everyquarter. Interest on drawings is charged @10% p.a. At the end of the year, interest on Edward’sdrawings amounted to Rs.7,500. Drawings of Edward were:(a) Rs. 34,000 per quarter.(b) Rs. 44,000 per quarter(c) Rs. 30,000 per quarter(d) Rs. 60,000 per quarter

Question 1 Rara and Riri are in partnership sharing profits and losses 4:2. Under the terms of the partnership agreement, the partners are entitled to interest on capital at 7 per cent per annum and Riri is entitled to a yearly salary of RM7,500. Interest is charged on drawings at 5 per cent per annum and the amounts of interest are given below. No interest is charged or allowed on current accounts. The partners’ capitals at 1 July 2021 were: Rara RM40,000 and Riri RM20,000. The net trading profit of the firm, before dealing with partners’ interest and Riri’s salary for the year ended 30 June 2022 was RM25,900. Interest on drawings for the year amounted to RM400 for Rara and RM370 for Riri. At 1 July 2020, there was a credit balance of RM1,200 on Riri’s current account, while Rara’s current account balance was a debit of RM500. Drawings for the year to 30 June 2022 amounted to RM10,000 for Rara and RM15,000 for Riri. Required: Prepare, for the year to 30 June 2022: (a)The firm’s profit and loss appropriation account

Piya, Bina and Sona were partners sharing profits in the ratio of 2 : 1 : 1.Piya withdrew ` 3,000 every month and Bina withdrew ` 4,000 everymonth. Interest on drawings @ 6% was to be charged as per partnershipdeed but it was not considered while preparing final accounts.Showing your working clearly, pass the necessary adjustment entry torectify the error.