P, Q and R arc equal partners with fixed capitals of ₹5,00,000, ₹4,00,000 and ₹3,00,000 respectively. After closing the accounts for the year ending 31st March 2019, it was discovered that interest on capitals was provided @ 7% instead of 9% p.a. In the adjusting entry :P will be credited by ₹2,000 and Q will be debited by ₹2,000.
P will be debited by ₹2,000 and Q will be credited by ₹2,000.
P will be debited by ₹2,000 and R will be credited by ₹2,000.
P will be credited by ₹2,000 and R will be debited by ₹2,000.
