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The interest on capital of a partner is debited to _______ account. - Book Keeping and Accountancy

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Question

The interest on capital of a partner is debited to _______ account.

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Solution

The interest on capital of a partner is debited to  Profit and Loss account.

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Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [Page 52]

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Balbharati Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board
Chapter 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.1 (Objective Questions) | Q I. E. 6) | Page 52
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