Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at 2,00,000, 1,20,000 and 1,60,000 respectively. Each partner withdrew 15,000 during the financial year 2019-20. 

As per the provisions of their partnership deed: 

(a) Interest on capital was to be allowed @ 5% per annum. 

(b) Interest on drawings was to be charged @ 4% per annum. 

(c) Profits and losses were to be shared in the ratio 5:4:1. 


The net profit of 72,000 for the year ended 31st March 2020, was divided equally amongst the partners without providing for the terms of the deed. 


You are required to pass a single adjustment entry to rectify the error (Show workings clearly). 

Marks-4, CBSE:2020-21/Sample/Q-15*

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