A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla
Held on 16 Jul 2022 · Verified 13 Jul 2026.
Vimla's capital A/c Dr 500
To Kamla's Capital A/c 500
Vimla's current A/c Dr 500
To Kamla's Current A/c 500
Kamla's capital A/c Dr 500
To Vimla's Capital Dr 500
Kamla's current A/c Dr 500
To Vimla's Current A/c 500
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
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