The firm of A, B and C earned a profit of Rs 20,000 during the year which was distributed among the partners in the ratio of 2 : 1 : 1, whereas it should be in the ratio of 1 : 2 : 2. Give a journal entry for rectification.
A’* Capital A/c Dr. 6,000
To B’* Capital A/c 3,000
To C’* Capital A/c 3,000
(To profit wrongly distributed now rectified.)
