X and y are partners in a firm. Their fixed capital is 200000 and 300000 respectively. They forgot to charge interest on capital @ 10% p.a. at this end of the current year. Pass one adjustment entry on first day of the next year.
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ioc a/c. dr. 50,000
to x's capital a/c. 20,000
to y's capital a/c. 30,000
(being ioc charged)
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