QUESTION: 19
Amit and Sumit entered into partnership on 1st April, 2021 contributing ₹ 1,50,000 and ₹ 2,50,000 respectively towards capitals. The partnership Deed provided for interest on capitals @ 10% p.a. It also provided that capital accounts shall be maintained following Fixed Capital Accounts Method. The firm earned net profit of ₹ 1,00,000 for the year ended 31st March, 2022. Pass the Journal entry for interest on capital.
Answer:
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