Past Adjustments Questions

A firm which maintains fixed capital accounts had two partners, Vimla and Kamla, sharing profits in the ratio $1:1$. The firm credited the partners with profit without allowing interest on Capital, which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital is ₹2,000 for Vimla and ₹3,000 for Kamla.

A and B are partners in a firm with fixed capitals of $\text{Rs. }4,00,000$ and $\text{Rs. }5,00,000$ respectively. After preparing the final accounts, it was discovered that interest on capital @ $10\%\text{ p.a.}$ as provided in the partnership deed was omitted. To rectify this error through an adjustment entry, A's Current Account should be:

A and B are partners in a firm with their fixed capitals of $\text{Rs. }4,00,000$ and $\text{Rs. }5,00,000$ respectively. After preparation of accounts, it was found that interest on capital @ $10\%\text{ p.a.}$ as provided by the partnership deed was omitted. In order to rectify the mistake, A's current account will be: