Question

14. Mudit ,Sudhir and Uday are partners in a firm sharing profits and losses in the ratio of 3:1:1. Their
fixed capital balances are *4,00,000, 1,60,000 and 1,20,000 respectively. Net profit for the year
ended 31 March, 2018 distributed amongst the partners was 1,00,000, without taking into
account the following adjustments:
(a) Interest on capitals @ 2.5% p.a.
(b) Salary to Mudit 18,000p.a. and commission to Uday 12,000
(c) Mudit was allowed a commission of 6% of Divisible profit after charging such commission
Pass a rectifying journal entry in the books of the firm. Show working clearly.​

Answer 1

Accounts

Explanation:

Given: Mudit ,Sudhir and Uday are partners in a firm sharing profits and losses in the ratio of 3:1:1. Their

fixed capital balances are *4,00,000, 1,60,000 and 1,20,000 respectively. Net profit for the year

ended 31 March, 2018 distributed amongst the partners was 1,00,000.

Please find attached the working table for the above accounts.

The one lakh profit is shared between Mudit, Sudhir and Uday as sixty thousand, twenty thousand and twenty thousand respectively.

The rectifying journal entry is also given in the picture.

Answer 2

Answer:

the above attachment contains ur answer