Question

S. P. Q and 2 are equal partners with fised capitals
of & 50.0000, z oo, ooo and 3,00,000 respectively
After closing the accounts for the year ending
31st March 2010 it was discovered that interest
on Capitals was provided @ 7o lo instead of
golo p. al. In adjusting entry​

Answer 1

Answer:

Profit and Loss Appropriation a/c

                                           (for the year ended 31st March,2018)

Dr.                                                                                                                      Cr.

ParticularsAmount Particulars Amount To Interest on Capital:

- X

- Y

- Z

50000

50000

25000By Profit and Loss a/c

(after charging Z's salary)400000 To Profit transferred to:

- X's Capital a/c

- Y's Capital a/c 

- Z's Capital a/c

110000

110000

55000   400000 400000

Explanation:

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