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Question
Match the following items:
| (i) | Interest on capital allowed to partners | (a) | Profit and Loss A/c is Debited |
| (ii) | Interest on drawing charged by firm | (b) | Credited to Partners' Capital A/cs |
| (iii) | Rent paid to a partner | (c) | Debited to Partners' Capital A/cs |
| (iv) | Interest paid on Partner's Loan | (d) | Profit & Loss Appropriation A/c is Debited |
Match the Columns
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Solution
| (i) | Interest on capital allowed to partners | (b) | Credited to Partners' Capital A/cs |
| (ii) | Interest on drawing charged by firm | (c) | Debited to Partners' Capital A/cs |
| (iii) | Rent paid to a partner | (a) | Profit and Loss A/c is Debited |
| (iv) | Interest paid on Partner's Loan | (a) | Profit and Loss A/c is Debited |
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