Question

X, Y and Z Partners. Their fixed capital as on 31 March 2019 were Rs.50,000, Rs.1,00,000 and Rs.1,50,000. Profits for the year 2018 -2019 amounting to Rs.60,000 what distributed. Interest on capital was credited at the rate of 10% per annum though there was no such provision in the deed. The adjusting entries

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Answer 1

Answer:

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