Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹) |
Credit
Amount
(₹) |
|
P’s Current A/c |
Dr.
|
|
6,000
|
|
|
To Q’s Current A/c
|
|
|
6,000
|
||
(Interest on capital omitted, now adjusted.) |
|
|
Working Notes:
Statement Showing Adjustment |
|||
Particulars |
P |
Q |
Total |
Interest on Capital @ 12% |
24,000 |
36,000 |
(60,000) |
Less: Profits wrongly distributed to the extent of interest amount |
(30,000) |
(30,000) |
60,000 |
Net Effect |
(6,000) |
6,000 |
NIL |