ACCOUNTING FOR PARTNERSHIP FIRMS – FUNDAMENTALS 103. Asha and Vipasha are equal partners with fixed capitals of 75,00,000 and 2,00,000 respectively. After closing the accounts for the year ending 31st...

Accounts class 12?

Extracted text: ACCOUNTING FOR PARTNERSHIP FIRMS – FUNDAMENTALS 103. Asha and Vipasha are equal partners with fixed capitals of 75,00,000 and 2,00,000 respectively. After closing the accounts for the year ending 31st March, 2021 it was discovered that interest on capitals was provided @ 6% instead of 5% p.a. In the adjusting entry : 15 (A) Asha will be debited by 1,500 and Vipasha will be credited by 71,500; (B) Asha will be credited by 1,500 and Vipasha will be debited by 71,500; (C) Asha will be debited by 75,000 and Vipasha will be debited by 72,000; (D) Asha will be credited by 5,000 and Vipasha will be credited by 72,000. 104. P and Q sharing profits in the ratio of 2 :1 have fixed capitals of 790,000 and 760,000 respectively. After closing the accounts for the year ending 31st March, 2021 it was discovered that interest on capitals was provided @ 6% instead of 8% p.a. In the adjusting entry : (A) P will be credited by 1,800 and Q will be credited by 1,200; ditod by 7200: