What is a profit and loss Appropriation A/C? What Journal Entries will be passed for the following while preparing a profit and loss appropriation Account?For partner's salary. And For interest on partners drawings.
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The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = Prt, where P is the principal, r is the annual interestrate in decimal form, and t is the loan period expressed in years.
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