Question

Ramesh, Suresh and Tomar are partners in a firm. They have omitted interest on capital @10% p. a. for three years ended 31st March, 2020 . Their fixed capital on which interest on capital was to be calculated throughout were : Ramesh Rs. 100000; Suresh Rs. 80000 ; Tomar Rs. 70000. Give the necessary adjusting Journal entry with working notes.

Answer 1

Answer:

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