X, Y and Z are partners in a firm, sharing profit and loss in the ratio of 2 : 2 : 1. On 31st March, 2017 after recording drawings and distribution of profits Rs 30,000, their capitals were Rs 60,000, Rs 45,000 and Rs 30,000 respectively. After this it was found that 5% interest on capital and interest on drawings was omitted to be recorded. Drawings were as follows : X Rs 6,000, Y Rs 4,500 and Z Rs 3,600. Interest on which is to be charged Rs 120, Rs 90 and Rs 45 respectively. Pass necessary Journal Entries for the above omissions and prepare Adjusted Partners’ Capital Account.
