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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm - Fundamentals

  • question_answer
    X and Y are equal partners with fixed capitals of Rs.2,00,000 and Rs.1,00,000 respectively. After closing the accounts for the year ending 31.03.2021, it was discovered that interest on capitals @ 8% p.a. was omitted to be provided. After rectification the impact on Y will be:

    A) Y's Capital A/c Dr. 16.000

    B) Y's Current A/c Dr. 12,000

    C) Y's Current A/c Dr. 8,000

    D) Y's Current A/c Dr. 4,000

    Correct Answer: D

    Solution :

    Y's Current A/c Dr. 4,000


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