Mudit, Sudhir and uday are partners in a firm sharing profits and losses in the ratio of 3:1:1 their fix capital balances are 400000 160000 120000 respectively net profit for the year ended 31st March 2018 distributed among the partners was 100000 without taking into account the following adjustments
1. interest on capital @ 2.5 % per annum
2. salary to Mudit 18000 and commission to uday 12000
3.mudit was allowed a commission of 6% of the divisible profit after charging such Commission.
pass rectifying journal entries in the books of the firm show your working clearly.
please help to to solve this question
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sixteen thousand is the answer to your question
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