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M and N are partners in a firm. their capital contributions are ₹1,50,000 and ₹1,00,000 and their profit-sharing ratio is 3:2. immediately after the allocation of ₹80,000 as profit for the year ended 31st March, 2018, it was discovered that in arriving profit for 2017-18 the following two items have been ignored:(I) Accrued interest on investment₹1,000 .(ii) Outstanding wages ₹800. pass an adjustment journal entry |
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Answer» outstanding wages a/c DR Net profit a/c Dr to accrued interest on INVESTMENT |
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