Question

65. A, B and Cwere partners. Their fixed capitals were 3 60,000, 7 40,000 and 720,000 respectively. Their profit
sharing ratio was 2:2: 1. According to the Partnership Deed, they were entitled to interest on capital @ 5% pa.
In addition, B was also entitled to draw a salary of 3 1,500 per month.C was entitled to a commission of 5%
on the profits after charging the interest on capital, but before charging the salary payable to B. The net
profits for the year, * 80,000, were distributed in the ratio of their capitals without providing for any of the
above adjustments. Showing your workings clearly, pass the necessary adjustment entry.
(CBSE 2019)​

Answer 1

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