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X, Y and Z are partners in a firm sharing profits and losses in the ratio 5 : 3 : 2. Their capitals (fixed) are ₹ 2,00,000; ₹ 1,50,000; ₹ 1,25,000 respectively. For the year ended 31st March, 2024 interest on capital was credited to them @ 8% instead of 10%.

Give adjusting journal entry.

[Ans. X’s Current A/c will be debited by ₹ 750; Y and Z’s Current A/cs will be credited by ₹ 150 and ₹ 600 respectively.]

X, Y and Z are partners in a firm sharing profits and losses in the ratio 5 : 3 : 2. Their capitals (fixed) are ₹ 2,00,000; ₹ 1,50,000; ₹ 1,25,000 respectively. For the year ended 31st March, 2024 interest on capital was credited to them @ 8% instead of 10%

Anurag Pathak Changed status to publish June 12, 2024
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