Question

69. A, B and C were partners in a firm. On 1st April, 2016 their capitals stood at 50,000, 25,000 and
25,000 respectively. As per the provisions of the Partnership Deed:
(a) C was entitled for a salary of 1,500 per month.
(b) Partners were entitled to interest on capital @ 5% p.a.
(c) Profits were to be shared in the ratio of capitals.
The net profit for the year ended 31st March, 2017 of 45,000 was divided equally without providing
for the above terms.
Pass an adjustment entry to rectify the above error​

Answer 1

Explanation:

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