Experts pls help with this question! Rajiv and Sanjeev were partners in a firm. Their partnership deed provided that the
profits shall be divided as follows :
First 20,000 to Rajeev and the balance in the ratio of 4 : 1. The profits for the year
ended 31 st March, 2017 Were 60,000 which had been distributed among the partners.
On I -4-2016 their capitals were Rajeev e 90,000 and Sanjeev 80,000. Interest on
capital was to be provided @ 6% p.a. While preparing the profit and loss appropnation
interest on capital was omitted.
Pass necessary rectifying entry for the same. Show your workings clearly.