Sarthaks Test
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Profits earned by a partnership firm for the year ended 31st March, 2016 were distributed equally between the partners – Pankaj and Anu – without allowing interest on capital (Rs.3,000 due to Pankaj and Rs.1,000 due to Anu). Pass necessary adjustment entry/entries.

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Working notes:

Working Notes:

1.Calculation of interest on capital

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