P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹2,00,000 and ₹3,00,000 respectively. The Partnership Deed provided for interest on capital @ 12% per annum. For the year ended 31st March, 2023, the profits of the firm were distributed without providing interest on capital. Pass necessary adjustment entry to rectify the error.

 P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹2,00,000 and  ₹3,00,000 respectively. The Partnership Deed provided for interest on capital @ 12% per annum. For the year ended 31st March, 2023, the profits of the firm were distributed without providing interest on capital.

Pass necessary adjustment entry to rectify the error.

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