1. A, B and C are partners sharing profits in the ratio of 2:1:2. Their fixed capital
were 4,00,000, 32,50,000 and 31,00,000 respectively. Net profit for the year ending
31st March 2017 amounted to 2,20,000 which was distributed without providing
for the following:
a. Salary to B 5,000 p.m and to 10,000 per quarter.
b. Interest on capital @ 6% p.a.
c. Commission to Manager @ 10% after charging such commission
4
Pass necessary rectifying entry.
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