Accountancy, asked by ankitahlakhwani, 2 months ago

what is closing entry for 1. interest received account

Answers

Answered by arushm760

0

Explanation:

Adjusting entry:

Partner's Capital A/C Dr.

To Interest on Loan to Partner A/C

Closing entry:

Interest on Loan to Partner A/C Dr.

To Profit and Loss A/C.

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