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Question
What adjusting entries would you record for the following:
Interest on capital
Journal Entry
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Solution
| Dr. | Profit and Loss Account | Cr. | |
| Particulars | Amount | Particulars | Amount |
| Interest on Capital | |||
| Balance sheet | |||
| Liabilities | Amount | Assets | Amount |
| Capital | |||
| Add: Interest on Capital | |||
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