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Solution - Methods of Capital Accounts - Fixed and Fluctuating Capital Method

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Tom and Harry were partners in a firm sharing profits in the ratio of 5:3. During the year ended 31.3.2015 Tom had withdrawn Rs.40,000. Interest on his drawings amounted to Rs.2,000.

Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating.

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Solution for concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method. For the courses 12th CBSE (Arts), 12th CBSE (Commerce), 12th CBSE (Science)
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