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Capital Accounts of A and B stood at 4,00,000 and 3,00,000 respectively after necessary adjustments in respect of the drawings and the net profit for the year ended 31st March, 2019. It was subsequently noticed that 5% p.a. interest on capital and also drawings were not taken into account in arriving at the distributable profit. The drawings of the partners had been: A – 12,000 drawn at the end of each quarter and B – 18,000 drawn at the end of each half year.
The profit for the year as adjusted amounted to 2,00,000. The partners share profits in the ratio of 3 : 2. You are required to pass Journal entries and show adjusted Capital Accounts of the partners.
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