A,B and C were partners sharing profits and losses equally. Their respective capitals were $ 30,000, $ 20,000 and $ 10,000. After closing the accounts for the year 2009 it was discovered that the interest on capital at the rate 10% p.a. was omitted before distributing the profits. Instead of changing the audited balance sheet it was decided to pass a single adjusting entry in the beginning of the year, so that the accounts of the previous years can be rectified.