Arindam and Vikky are partners in a firm sharing profits and losses in the ratio of 2:3. Their fixed
capitals were : Arindam ₹ 3,00,000 and Vikky ₹ 4,00,000. The partnership deed provided the following:
(i) Interest on capital @ 10% p.a.
(ii) Vikky’s salary ₹ 5,000 per month and Arindam’s salary ₹ 15,000 per quarter of a year.
(iii) Interest on drawings @5% p.a. Drawings of the partners are ₹20,000 and ₹40,000 respectively.
Profit for the year ended 31st March 2021 ₹ 2,80,000 was distributed without providing the above.
Showing your working clearly, pass the necessary adjustment entry for the above omissions
