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X, Y, and Z are partners. Their fixed capitals as on 31st March 2023 were X ₹ 50,000, Y ₹ 1,00,000, and Z ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was distributed. Interest on capital was credited @ 10% p.a. though there was no provision in the Partnership Deed. In the adjustment entry

a) X’s Current A/c will be debited by ₹ 5,000 and Z’s Current A/c will be credited by ₹ 5,000

b) Ys Current A/c will be debited by ₹ 5,000 and Z’s Current A/c will be credited by ₹ 5,000

c) X’s Current A/c will be debited and Y’s Current A/c will be credited by ₹ 5,000

d) Z’s Current A/c will be debited by ₹ 5,000 and X’s Current A/c will be credited by ₹ 5,000

Anurag Pathak Changed status to publish April 9, 2023
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