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F and G were partners in …

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F and G were partners in a firm sharing profits in the ratio of 3 : 2 : 1. After division of the profits for the year ended 31-3-2023 their capitals were: E ₹ 2,95,000; F ₹ 3,30,000; and G ₹ 3,35,000. During the year they withdrew ₹ 40,000 each. The profit of the year was ₹ 1,80,000. The partnership deed provided that interest on capital will be allowed @ 12% p.a. While preparing the final accounts, interest on partner’s capital was not allowed. You are required to calculate the capital of E, F and as on 1-4-2022 and pass the necessary adjustment entry for providing interest on capital. Show your workings clearly. [4] 16. P
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