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:
Discover more from WebComm.in
Subscribe to get the latest posts sent to your email.
Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.