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E, F and G were partners …

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E, F and G were partners in a firm sharing profits in the ratio of 3 : 3:4. Their respective fixed capitals were E 3,00,000; F 4,00,000 and G 5,00,000. The partnership deed provided for allowing interest on capital @ 12% p.a. even if it results into a loss to the firm. The net profit of the firm for the year ended 31st March, 2020 was 2,10,000. Pass necessary journal entries for allowing interest on capital and division of profit/loss in the books of the firm

Posted by Cristiano Ronaldo 1 year, 10 months ago

CBSE > Class 12 > Accountancy

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