P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs.2,00,000 and Rs.3,00,000 respectively. The partnership deed provided for interest on capital @ 12%

Adjusting Journal Entry
Journal
Date Particulars L.F. Debit Amount(Rs) Credit Amount(Rs)
P's Current A/c Dr. To Q's Current A/c (Interest on capital omitted, now adjusted) 6,000 6,000

Working Notes:
Statement Showing Adjustment
Particular P Q Total
Interest on Capital @ 12%
(2,00,000 * 12%)=24,000 24,000 (3,00,000*12%)=36,000 36,000
Difference in interest on capital=36,000-24,000=12,000
Share of each partner in difference=12,000/2=6,000