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

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Which account will be debited in the entry for interest on a retiring partner's loan?

Answer and explanation

Correct answer: Profit and Loss Account

Interest is an expense of the firm so Profit and Loss Account will be debited. Exam tip: remember that expenses are debited.

Related tags

Journal Entry Interest 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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