Question

6. The net profit of a firm for the year ended 31st March 2017, was 30,000, which has been duly [3] distributed amongst its three partners A, B and C in their agreed proportions of 3:1:1 respectively. It was discovered on 10th April, 2017 that the undermentioned transactions were not passed through the books of accounts of the firm for the year ended 31st March, 2017, which stood duly closed on that date:
i. Interest on capital at 10% p.a.
ii. Interest on drawings: A - 7350; B - 250; C - 150.
ili. Salary of 5,000 to A and $7,500 to B.
iv. Commission due to A on a special transaction, *3,000.
The capital accounts of the partners on 1st April, 2016 were: A *25.000; B 720,000; C 715,000. You are required to suggest a journal entry to be passed on 10th April, 2017 which will not​

Answer 1

Answer:

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