+2 votes
in Class 12 by kratos

Ram and Mohan are equal partners. Their capitals are Rs. 4,000 and Rs. 8,000 respectively. After the accounts for the year are prepared it is discovered that interest @ 5% p.a. on capital as provided in the Partnership Deed has not been credited to the Capital Accounts before distribution of profits. It is decided to make an adjusting entry in the beginning of the next year. Give necessary adjustment entry

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+6 votes
by kratos
 
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Working Notes:

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