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

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From the firm's point of view, what type of item is interest on a retiring partner's loan?

Answer and explanation

Correct answer: Expense

Interest on loan is a cost paid by the firm. Exam tip: treat it as a debit to Profit and Loss Account.

Related tags

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

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