Question

31. Pass rectified entry.
4 points
A and B are partners in a firm sharing profits and losses in the ratio of 7:3. Their fixed capitals
were: A 9,00,000 and B4,00,000.
The partnership deed provided the following:
(0) Interest on capital @ 10% p.a.
(11) As salary 50,000 per year and B's salary 3,000 per month
Profit for the year ended 31st March, 201972,78,000 was distributed without providing for interest
on capital and partners' salary. Showing your working clearly, pass the necessary adjustment entry
for the above omissions
(CBSE, Delhi Comptt. 2019)​

Answer 1

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