Question

Ram and Rahim are partners in a firm Sharing
profit in the ratio of 3:2. The partnership
deed provided for the following!
30,000 per annum salary to Ram and
1000 per month salary to Rahim
The profit was divided without providing for the
above
Pass necessary Adjustment Entry

Answer 1

in the ratio of 2:2:1. Their capital balances on 01.04.2017 stood at rs 90000, rs 60000 and rs 40000

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Answer 2

Answer:

Explanation:

Journals

(a)

Cash A/c     10000

  To Rahul capital       10000

Goodwill A/c      30000

To Rams capital             18000

To Rahims capital          12000

(b)

Cash a/c        10000

 To Rahul capital       10000

Goodwill A/c      15000

To Rams capital             9000

To Rahims capital          6000

(c)

Cash a/c        10000

 To Rahul capital       10000

Rams capital             3600

Rahims capital          2400

 To  Goodwill A/c                   6000