Question

73. Capitals of A, B and Cas on 31st March, 2019 amounted to 90,000, 3,30,000 and 6,60,000 respectively.
Profit of 1,80,000 for the year ended 31st March, 2019 was distributed in the ratio of 4:1:1 after allowing
Interest on Capital @ 10% p.a. During the year, each partner withdrew3,60,000. The Partnership Deed was
silent as to profit-sharing ratio but provided for interest on capital @ 12%.
Pass the necessary adjustment entry showing the working clearly.
[Ans.: Debit A by 66,000 and Credit B by 30,000 and Cby 36,000.)
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Answer 1

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