Aditya, Anuja and Arpita are partners in a firm No interest on their capital has been paid for three yer whereas interest was to be credited @ 5% per annum under the terms of agreement. Their capital are fixed as 20000716000 and 14,000 respectively Rectify the error by Journal Entries at the beginning of
fourth year and show a table for adjustment
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details aditya anuja aripta firm
interest
on capital 3000 2400 2100 (7500)
profit/loss (2500) (2500) (2500) 7500
net effect 500 (100) (400) nil
anuja's capital account... dr. 100
aripta's capital account... Dr. 400
to aditya's capital account 500
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