P, Q and R were partners …
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P, Q and R were partners with fixed capital of ₹ 40,000, ₹32,000and ₹24,000.After distributing the
profit of ₹48,000 for the year ended 31st March 2022 in their agreed ratio of 3 : 1 : 1it was observed
that:
(1) Interest on capital was provided at 10% p.a. instead of 8% p.a.
(2) Salary of ₹ 12,000 was credited to P instead of Q.
You are required to pass a single journal entry in the beginning of the next year to rectify the above
omissions.
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