Question

14. Mudit ,Sudhir and Uday are partners in a firm sharing profits and losses in the ratio of 3:1:1. Theirfixed capital balances are *4,00,000, 1,60,000 and 1,20,000 respectively. Net profit for the yearended 31 March, 2018 distributed amongst the partners was 1,00,000, without taking intoaccount 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 commissionPass a rectifying journal entry in the books of the firm. Show working clearly.​

Answer 1

Answer:

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Explanation:

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