Received cheque Rs 250000 which is exclusive of 5% Security
deposit 2.24% income tax and i% miscellaneous recovery.
Pass necessary entry
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Apportion Rs 125000/- Nett loss among the partners A,B,C as per their sharing ratios 32%,16% and the balance to C. Pass journal entry
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Decrease in the amount of Creditors result in 1.Increase in Cash 2.Decrease in Cash