A and B were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March were A Rs 60000 and B rs 80000. They agreed to allow interest on capital @ 12% p.a. The profit for the firm for the year ended 31st march 2018 before allowing interest on capitals were 12600. Pass necessary journal entries for the above transactions in the books of A and B.

  • -1
What are you looking for?