Which account is debited on repayment of Partner's Loan? (Answer in one sentence)
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Partner loan Account.
Partner loan Account.
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Answer:
Partners loan account
Explanation:
On the retirement of a partner, all the other partners may decide to keep the capital of the retiring partners and this capital is kept as a loan.
After all the adjustments, the balance amount is transferred to the credit side of partner's capital account to partners loan account.
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