Question

drawings on an average basis for 6 months. Give the adjustment
71. Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3:1:1. Their fixed capital balances
are 4,00,000, 1,60,000 and 7 1,20,000 respectively. Net profit for the year ended 31st March, 2018
distributed amongst the partners was 3 1,00,000, without taking into account the following adjustments:
(a) Interest on capitals @ 2.5% p.a.
(b) Salary to Mudit 718,000 p.a. and commission to Uday 12,000.
(C) Mudit was allowed a commission of 6% of divisible profit after charging such commission.
Pass a rectifying Journal entry in the books of the firm. Show workings clearly. (CBSE Sample Paper 2019)
72. A.Band Carn​

Answer 1

Answer:

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