M and N are partners in a firm. their capital contributions are ₹1,50,000 and ₹1,00,000 and their profit-sharing ratio is 3:2. immediately after the allocation of ₹80,000 as profit for the year ended 31st March, 2018, it was discovered that in arriving profit for 2017-18 the following two items have been ignored:
(I) Accrued interest on investment₹1,000 .
(ii) Outstanding wages ₹800.
pass an adjustment journal entry
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outstanding wages a/c Dr
Net profit a/c Dr
to accrued interest on investment
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