Jatin, Keshav and Lalit were partners in a firm with fixed capitals of ₹ 1,20,000, ₹ 1,00,000 and ₹ 80,000 respectively. As per the partnership deed, there was a provision for allowing interest on capitals @ 10% p.a., but entries for the same had not been made for the last two years.
The profit sharing ratio during the last two years was as follows:
| Year | Jatin | Keshav | Lalit |
|---|---|---|---|
| 2021 – 22 | 5 | 3 | 2 |
| 2022 – 23 | 1 | 1 | 1 |
Pass an adjustment entry of the beginning of the third year, i.e., on 1st April, 2023.
Marks-3, CBSE: 2023-24/Compartment/Set-1/Q-20a*
Answer :
