A, B, C and D are equal partners in a firm. Their capitals on 1st April, 2015 were Rs 50,000; Rs 30,000; Rs 25,000 and Rs 15,000 respectively. After closing the accounts for the year ended 31st March 2016 it was discovered that according to the partnership deed interest 10% per annum on partner's Capitals was not provided before distribution of profits. It was agreed among the partners to make the adjusting entry at the beginning of the next year rather than to alter the Balance Sheet. Pass the necessary journal entry assuming that the capitals are not fixed.

A, B, C and D are equal partners in a firm. Their capitals on 1st Apri

1.	A, B, C and D are equal partners in a firm. Their capitals on 1st April, 2015 were Rs 50,000; Rs 30,000; Rs 25,000 and Rs 15,000 respectively. After closing the accounts for the year ended 31st March 2016 it was discovered that according to the partnership deed interest 10% per annum on partner's Capitals was not provided before distribution of profits. It was agreed among the partners to make the adjusting entry at the beginning of the next year rather than to alter the Balance Sheet. Pass the necessary journal entry assuming that the capitals are not fixed.
Answer» A, B, C and D are equal partners in a firm. Their capitals on 1st April, 2015 were Rs 50,000; Rs 30,000; Rs 25,000 and Rs 15,000 respectively. After closing the accounts for the year ended 31st March 2016 it was discovered that according to the partnership deed interest 10% per annum on partner's Capitals was not provided before distribution of profits. It was agreed among the partners to make the adjusting entry at the beginning of the next year rather than to alter the Balance Sheet. Pass the necessary journal entry assuming that the capitals are not fixed.

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