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Class 12 Accountancy Reconstitution - Retirement or Death of a Partner Partner's Loan AccountEasy

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Interest on a retiring partner's loan is what for the firm?

Answer and explanation

Correct answer: Expense

Interest is a cost payable by the firm, so it is an expense. Exam tip: show it in Profit and Loss Account.

Related tags

Expense Interest Loan Account Partner's Loan Account Partner S Loan Account Reconstitution Retirement Or Death Of A Partner Accountancy Class 12 Mcq

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