Mannu and Shrishti are partners in a firm sharing profits in the ratio of 3 : 2. Following information is of the firm as on 31st March 2023:
Mannu and Shrishti are partners in a firm sharing profits in the ratio of 3 : 2. Following information is of the firm as on 31st March 2023:
| Liabilities |  | ₹ | Assets | ₹ |
| Mannu’s Capital Shrishti’s Capital |
3,00,000 1,00,000 |
4,00,000 | Drawings Mannu Shrishti Other Assets |
40,000 20,000 3,40,000 |
| Â | Â | 4,00,000 | Â | 4,00,000 |
Profit for the year ended 31st March 2023 was ₹ 50,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently omitted. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
[Ans: Debit Shrishti and Credit Mannu by ₹ 2,880]
Anurag Pathak Changed status to publish April 11, 2024
