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Sony and Romy are equal partners with fixed capitals of ₹4,00,000 and ₹3,00,000 respectively. After closing the accounts for the year ending 31st March, 2019 it was discovered that interest on capitals was provided @ 8% instead of 10% p.a. In the adjusting entry :

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Sony and Romy are equal partners with fixed capitals of ₹4,00,000 and ₹3,00,000 respectively. After closing the accounts for the year ending 31st March, 2019 it was discovered that interest on capitals was provided @ 8% instead of 10% p.a. In the adjusting entry :






 
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