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Accountancy > Accounting for Partnership Firms > Fundamentals Of Partnership
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Question 1
(b) R, S and T were partners in a firm. After the accounts of the partnership had been drawn up and the books closed off, it was discovered that the profit for the year ended 31st March, 2024 amounting to ₹ 3,00,000 had been distributed equally. The partnership deed provided for the following:
(i) Interest on capital was to be allowed @ 10% p.a.
(ii) A salary of ₹ 50,000 p.a. was to be allowed to R.
The capitals of R, S and T on 1st April, 2023 were ₹ 2,00,000, ₹ 1,50,000 and ₹ 1,00,000 respectively.
Pass the necessary adjusting journal entry to rectify the above errors.
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