Accountancy > Accounting For Partnership Firms > Fundamentals Of Partnership
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Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹5,00,000 each. After the accounts for the year ended 31st March, 2024 were prepared, it was discovered that interest on capital @ 10% p.a. was not credited to the partners' current accounts as provided in the partnership deed. The rectifying adjustment entry for the same will be :
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
|---|---|---|
| (A) No Entry | ||
| (B) Sun's Current A/c Dr. To Moon's Current A/c | 50,000 | 50,000 |
| (C) Moon's Current A/c Dr. To Sun's Current A/c | 50,000 | 50,000 |
| (D) Sun's Current A/c Dr. Moon's Current A/c Dr. To Profit and Loss Appropriation A/c | 50,000 50,000 | 1,00,000 |
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