Ram and Shyam were partners in a firm sharing profits in the ratio of 7:5.
Their fixed capitals were 10,00,000 and 7,00,000 respectively. The
partnership deed provided for the following:
a. Interest on capital @12% p.a.
b. Ram’s salary 6000 per month and Shyam’s salary 60,000 per year.
c. Interest on drawings, Ram 350 and Shyam 250.
The profit for the year ended 31.12.2010 was 5, 03,400 which was
distributed equally without providing for the above. Pass necessary
adjustment entry. Show your workings clearly.
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Answer:
shyam a\c dr. 23950
to Ram a\c 23950
Explanation:
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