Give the adjusting entry for interest on capital allowed to a partner, when the firm followed the fixed capital method.
Give the adjusting entry for interest on capital allowed to a partner, when the firm followed the fixed capital method.
Anurag Pathak Changed status to publish April 9, 2023
Answer:-
Adjusting Entry:-
Interest on Capital A/c …Dr.
To Partner’s Capital A/c
(Being the interest on capital allowed to partner)
Anurag Pathak Changed status to publish April 9, 2023