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Rajeev and Sanjeev were partners in a firm. Their partnership deed provided that the profits shall be divided as follows:First Rs.20,000 to Rajeev and the balance in the ratio of 4:1. The profits forthe year ended 31st March, 2019 were Rs.60,000 which had beendistributed equally among the partners. On 1.4.2018 their capitals wereRajeev Rs.90,000 and Sanjeev Rs.80,000. Interest on capital was to beprovided @ 6% p.a. While preparing the profit and loss appropriation A/cinterest on capital was omitted.Pass necessary rectifying entry for same. Show your workings clearly. |
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