Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 2 Following was th...........

Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31st March, 2016:

Liabilities		Assets
Capitals: Piya 80,000 Bina 40,000	1,20,000	Sundry Assets	1,20,000
	1,20,000		1,20,000

The profits 30,000 for the year ended 31st March, 2016 were divided between the partners without allowing interest on capital @ 12% p.a. salary to Piya @ 1,000 per month. During the year Piya withdrew 8,000 and Bina withdrew 4,000. Showing your working notes clearly, pass the necessary rectifying entry

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