[CBSE] Q. 53 DK Goel Fundamentals of Partnership [2026-27]

Solution of Question Number 53 of the Fundamentals of partnership firm DK Goel CBSE Board (2026-27)

Jay and Vijay were partners in a firm sharing profits and losses in the ratio of 7 : 3. Their respective fixed capitals were ₹9,00,000 and ₹7,00,000. The partnership deed provided for interest on capital @ 8% per annum. After preparing the accounts for the year ended 31st March 2024, it was discovered that interest on capital was allowed @ 9% per annum.

Showing to your workings clearly, pass the necessary journal entry rectify the error.

Solution:-