Question -  19

X, Y and Z are partners in a firm they share profit and loss equally their capital at the beginning of the year was Rs. 5,000, Rs. 3,000 and Rs. 2,000 respectively.
After preparing final accounts it was found that partners capital accounts are not credited by interest on capital of 6% p.a. throght it was provided in partnership deed instead of charging balance sheet to correct this error it was decided to pass an adjustment entry at the beginning of the next year.

NOTE : Purchase Novbodh book for extra information.