Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹ 4,00,000 and ₹ 2,00,000, respectively

Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹ 4,00,000 and ₹ 2,00,000, respectively. After the accounts for the year were prepared, it was notices that interest on capital @ 6% p.a. as provided in the partnership deed, was not credited to the capital account of partners before distribution of profits.

Pass the necessary adjusting Journal entry. Show you workings clearly.

[Ans.: Debit Gital’s Current A/c and Credit Atul’s Current A/c by ₹ 2,400.]