Question

Ravi and Mohan were partners in a firm sharing profits in the ratio of

7 : 5. Their respective fixed capitals were Ravi Rs. 10,00,000 and Mohan Rs.

7,00,000.

The partnership deed provided for the following

(i) Interest on capital @ 12% per annum.

(ii) Ravi’s salary Rs. 6,000 per month and Mohan’s salary Rs. 60,000 per

year.

The profit for the year ended 31st March, 2007 was Rs. 5,04,000 which was

distributed equally, without providing for the above. Pass an adjustment

entry​

Answer 1

Answer:

please check the attachment

Answer 2

Answer:

This is the correct answer.

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