Question

p q and r are profit sharing partners in the ratio of 2:1:1. Their capitals as on 1 April 2017 were 50000, 30000 and 20000 respectively,at the end of the year ending 31 march 2018 it was found that interest on capital @12% p.a salaries to p rs.500 per month and r rs.1000 per month were not adjusted from the profits. show adjusting entry to be made in tge next year for above adjustments​

Answer 1

Explanation:

on 1 April 2017 were 50000, 30000 and 20000 respectively,at the end of the year ending 31 march 2018 it was found that interest on capital @12% p.a salaries to p rs.500.