Q.47. P, Q and R are partners sharing profits in the ratio of 2:1:1. Their capitais
as on 1st April, 2017 were 350,000, 30,000 and 320,000 respectively. At the end of
the year ending 31st March, 2018 it was found out that interest on capitals @ 12% pa
salaries to P, 500 per month and R 1,000 per month were not adjusted from the
profits. Show adjusting entry to be made in the next year for above adjustments.
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Explanation:
p cap ac dr 4560
q cap ac dr 10560
to r cap ac 15120
(being adj entry passed)
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