p and q are patnerssharing profit equally there fixed capital were 1,00,000 and 50,000 the interest on capital provided is - Accountancy - Accounting for Partnership Basic Concepts

Question

p and q are patnerssharing profit equally there fixed capital were
1,00,000 and 50,000 the interest on capital provided is 10% p/a for
the year 31st march2016 the profit of the firm distributed without
providing interst on capital pass the necessoryerror

Shubham · Accepted Answer

IF Question is saying that pass single adjustment/Rectified entry
then entry would be - ( Q's capital Dr 2500 To P's capital 2500 )

p and q are patnerssharing profit equally there fixed capital were 1,00,000 and 50,000 the interest on capital provided is 10% p/a for the year 31st march2016 the profit of the firm distributed without providing interst on capital pass the necessoryerror.