The net profit of X, Y and Z for the year ended March 31, 2020, was ₹ 60,000 and the same was distributed

The net profit of X, Y and Z for the year ended March 31, 2020, was ₹ 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under-mentioned transactions were not recorded in the books:

(i) Interest on Capital @ 5% p.a.

(ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300.

(iii) Partner’s Salary: X ₹ 1000, Y ₹ 1500 p.a.

The capital accounts of partners were fixed as : X ₹ 1,00,000, Y ₹ 80,000 and Z ₹ 60,000. Record the adjustment entry.

[Ans : X Dr. ₹ 2,500, Y Credit ₹ 2,400 and Z credit ₹ 100]