Sarthaks Test
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Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2: 1: 2. Their capitals were fixed at Rs.3, 00,000, Rs.1, 00,000, Rs.2,00,000. For the year 2009, interest on capital was credited to them @ 9% instead of 10% p.a. The profit for the year before charging interest Rs.2, 50,000. Show your working notes clearly and pass necessary adjustment entry.

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Working Notes :

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