Anand, Ridhi, and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed capitals were Rs.1,00,000, Rs.60,000, and Rs.40,000 respectively.
For the year ended 31st March, 2023, interest on capital was credited to their capital accounts @ 9% p.a. instead of 7% p.a. Pass the necessary adjusting Journal entry.