Amit and Sumit are partners sharing profits in ratio 2 : 3. Their fixed capitals were 50,000 and 1,20,000 respectively. Interest on capital @10%p.a. was omitted during 2019. Pass the necessary adjustment entry.
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details amit sumit firm
interest
on cap 5000 12,000 (17,000)
profit/loss (6800) (10,200) 17,000
net effect (1800) 1800 nil
amit's capital account ..... Dr 1800
to sumit's capital account 1800
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t fig ho स यो ग दु ys ip ys ko ohh bp ih ohh oj gi h jv gyi uk
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