Question

Q1. There are three partners A, B, C whose capital's account on 1st April 2018 were: (3 marks)
A-2,00,000, B-1,20,000, C-1,60,000. Rs 15000 was withdrawn by each partner.
As per partnership deed:
a. Profit sharing ratio should be 5:4:1
b. Interest on capital was to be allowed at 5% per annum
c. 4% per annum was to charge as interest on drawings.
Rs 72,000 was divided equally among the partners without providing for the above terms. Pass
single adjustment entry along with working notes​

Answer 1

Explanation:

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