Question

A, b and c are partner sharing profits and losses in the ratio of 3:2:1. Their fixed capitals are ` 1,50,000, ` 1,00,000 and ` 80,000 respectively. Profit for the year after providing interest on capital was ` 60,000, which was wrongly transferred to partner equally. After distribution of profit it was found that interest on capital provided to them @ 10% instead of 12% . Pass necessary adjustment entry. Show your working clearly.

Answer 1

u have to prepare first adjustment table..

Answer 2

try this method i think it's helpful for you.