Give the necessary adjustment entry to adjust the balance, Accounting Basics

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Give the necessary adjustment entry to adjust the balance

X,Y and Z are partners in a firm sharing profits in 7:6:4 ratio.Their respective FIXED CAPITALS are Rs.80000,Rs.40000 & Rs.50000.Rate of interest on capital was agreed @ 10% p.a. but was wrongly credited to them as 12% p.a. . Give the necessary adjustment entry to adjust the balances of partners' capital accounts.

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Accounting Basics: Give the necessary adjustment entry to adjust the balance

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Q : Give the necessary adjustment entry to adjust the balance

<p>X,Y and Z are partners in a firm sharing profits in 7:6:4 ratio.Their respective FIXED CAPITALS are Rs.80000,Rs.40000 & Rs.50000.Rate of interest on capital was agreed @ 10% p.a.

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Accounting Basics: Give the necessary adjustment entry to adjust the balance

Reference No:- TGS0681108

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Determining the random order

Q : Uses straight line amortization method

Q : What amount should innovative technologies record

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Q : Give the necessary adjustment entry to adjust the balance

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Give the necessary adjustment entry to adjust the balance

Reference No:- TGS0681108

Recent Questions Asked Accounting Basics

Q : Determining the random order

Q : Uses straight line amortization method

Q : What amount should innovative technologies record

Q : What amount of loss on impairment of goodwill

Q : Give the necessary adjustment entry to adjust the balance

Q : Pacific rail corporation as the lease liability

Q : Deck of five cards

Q : Create statement of retained earning for year ended december

Q : Evaluate the factors that help to determine market value

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