A,B and C are partners in a firm sharing profits in the ratio of 3:2:1. Their capital as at 31st march 2017 is ` 80,000, ` 40,000 and ` 1,00,000 respectively. After the accounts for the year 2016-17 was prepared, it was discovered that interest on capital @ 10% was not provided at all and interest on drawings was charged @ 6%p.a. instead of actual rate of 8% p.a. Drawings of each partner were ` 20,000. Profits ( after charging interest on drawings) for the year ending 31st march 2017 is ` 1,20,000. Pass necessary adjustment entry.

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