Question

Charu, Deepika and Era entered into partnership. Charu agreed to manage the business as Deepika and Era were busy. The profits for the past three years were Rs2,00,000, Rs4,50,000 and Rs5,50,000 respectively which were distributed by Charu as per partnership act. Subsequently, Deepika realised that Charu should be given higher share of profits since she was managing the business efficiently. She proposed to Era that Charu should be given 40% share of profits and the remaining profit should be shared by them (i.e. Deepika and Era) equally. Era agreed to this proposal and it was decided to distribute the profits in this manner retrospectively for the last three years. a) You are required to give necessary adjusting entry. b) Identify the values involved in distributing the profits respectively ​

Answer 1

Answer:

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Answer 2

Answer:

dr40000

dr40000

cr80000