The capital of A B and C as on 31 march 2018 amounted to rs 90000, 330000 and 660000 respectively. The profit amounting to rs. 180000 for the year 2017-18 were distributed in the ratio of 4:1:1after allowing interest on capital @10% p.a. During the year each partner withdrew Rs. 360000.The partnership deed silent as to the profit sharing ratio but provided for interest on capital@12%p.a.
Pass necessary adjustment entry showing the working clearly.

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Here is the answer of question 74 of chp 1 accounting for partnership firm fundamentals Hope this will help you 😊😊😊😊

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