PLZ ANSWER this QUESTION and Write the reason for each entry PLEASE
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Case 1 : No journal entry.
Bces if the partnership deed is silent about Interest on Capital, no interest will be given
Case 2: No journal entry
Though rate of I.O.C is mentioned in the P.D, no interest is given as the firm is in loss.
Case 3: Interest on Capital A/c Dr 1260
To Partner's Capital A/c 1260
I.O.C is charged out of profit. (21000 x 6%)
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