70. Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3:2. Following was the Balance Sheet of the firm as on 31st March, 2016:
| |||
Liabilities | Rs. | Assets | Rs. |
Capital A/cs: | Sundry Assets | 1,20,000 | |
Piya 80,000 | |||
Bina 40,000 | 1,20,000 | ||
1,20,000 | 1,20,000 |
The profits ₹30.000 for the year ended 31st March, 2016 were divided between the partners without allowing interest on capital 12% p.a and salary to Piya @ ₹1,000 per month. During the year Piya withdrew ₹8,000 and Bina withdrew ₹4,000. Showing your working notes clearly, pass the necessary rectifying entry.
(Delhi 2017C)
Answer :