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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 @ 2% p.a. even if it results into a loss to the firm. The net profit of the firm for the year ended 31st March, 2018 was₹2,10,000. Pass necessary journal entries for allowing interest on capital and distribution of profit/loss in the books of the firm. (All India 2019) 7

Posted by Nisha Pal 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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