Question

A, B and C were partners in a partnership firm. on 1st April, 2015, their fixed capitals stood at 50,000, 25,000 and 25,000 respectively. As per the provisions of the partnership deed ( i) A was entitled to a salary of 5,000 p.a. (ii) all the partners were entitled to interest on capital @ 5% p.a. (iii) profits were to be shared in the ratio of capitals. The net profits for the year ending 31st March 2016 of 33,000 were divided equally without providing for the above terms. Pass an adjusting journal entry to rectify the above error. Show the working clearly. 


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Answer 1

Answer:

40.694390,-73.950124

Explanation:

40.694390,-73.950124