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Question
Give the journal entry for closing the retiring partner's capital account when his share is paid to him privately by the remaining partners.
Journal Entry
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Solution
| Journal Entry | ||||
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| Retiring Partner's Capital A/c ...Dr. | ||||
| To Remaining/Continuing Partners Capital A/cs | ||||
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