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CBSE Class 12-commerce Answered

A&B are partners in a business and their capital on 31stmarch2016 were rs.700000 and rs.600000 respectively.Calculate the IOC @10%p.a. following information are A. Drawing of A&B for the year were rs.75000 and rs.50000 respectively. B.B introduced capital of rs.100000 during the year. C.Interest on capital credited to the capital a/c A rs.15000 and B rs.10000. D.Interest on drawing debited to the capital a/c of A rs.7500 and rs.5000 respectively. E.share of loss debited to capital a/c was rs.20000 each.
Asked by Mahek082002 | 13 Apr, 2019, 11:47: AM
answered-by-expert Expert Answer
The question is based on the concept the of interest on capital of partners. Complete solutions of the questions based on this concept are available on our website at the below mentioned link:

https://www.topperlearning.com/study/cbse/class-12-commerce/accountancy/text-book-solutions/t-s-grewal-part-a-vol-i/539/accounting-for-partnership-firms-fundamentals/2448/b101c504s549e9
Answered by Surabhi Gawade | 15 Apr, 2019, 11:03: AM

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