P, Q, and R sharing profits in the ratio of 2 : 1 : 1 have fixed capitals of f4,00,000, ₹3,00,000 and ₹2,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 8% p.a. In the adjusting entry :

🎲 Try a Random Question  |  Total Questions in Quiz: 124  |  🧠 Study this quiz with Flashcards
This question is part of a full practice quiz:
MCQs for Accounting for Partnership Firms — practice the complete quiz, review flashcards, or try a random question.


P, Q, and R sharing profits in the ratio of 2 : 1 : 1 have fixed capitals of f4,00,000, ₹3,00,000 and ₹2,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 8% p.a. In the adjusting entry :






ADVERTISEMENT