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Question
The Journal Entry to transfer interest on capital to Profit and Loss Appropriation Account would be:
Options
Interest on Capital A/c Dr.
To Profit & Loss Appropriation A/cProfit & Loss Appropriation A/c Dr.
To Interest on Capital A/cProfit & Loss A/c Dr.
Partner's Current A/c Dr.
To Interest on Capital A/cNone of the above
MCQ
Solution
Profit & Loss Appropriation A/c Dr.
To Interest on Capital A/c
shaalaa.com
Distribution of Profit Among Partners
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