QUESTION: 22
Anita and Ankita are partners sharing profits equally. Their capitals, maintained following Fluctuating Capital Account Method, as on 31st March, 2021 were ₹ 5,00,000 and ₹ 4,00,000 respectively. partnership Deed Provided to allow interest on capital @ 10% p.a. The firm earned net profit of ₹ 2,00,000 for the year ended 31st March, 2022.
Pass the necessary journal entry for interest on capital.
Answer:
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