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4.E, F and G were partners …

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4.E, F and G were partners in a firm sharing profits in the ratio of 3: 3:4. Their respective fixed capitals were E 7 3,00,000; F 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

Posted by Vinay Sharma 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

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