Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹6,00,000; ₹8,00,000 and ₹11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹2,00,000 were distributed without providing for Interest on Capitals. Pass an adjustment entry and show the workings clearly.

Marks-3, CBSE:2022-23/Sample/Q-18*

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