Question

06) Ram, Shyam and Mohan are partners in a firm sharing profits and losses in the ratio of 2:1:2. Their fixed capitals
were Rs. 3,00,000; Rs.1,00,000 and Rs.2,00,000 res. Interest on Capital for the year ended 31.03.2014 was credited to
theme 9% p.a. Instead of 10% p.a. The profit for the year before charging Interest was Rs.2, 50,000.
Prepare necessary adjustment entry​

Answer 1

Answer:

Ram gets 3000 plus his share of profit

Shyam gets 1000 plus his share of profit

Mohan gets 2000 plus his share of profit

Explanation:

the above figures are the 1% that the three of them didn't get. After that less 60000i.e their interest on capital from 250000 and then distribute the remaiming in the profit sharing ratio