Question

Ravi, Som and Raj were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their respective fixed
capitals were Ravi: Rs. 30,000; Som: Rs. 20,000 and Raj: Rs. 10,000. According to the partnership deed,
they were entitled to interest on capital @ 5% p.a. In addition Som was also entitled to a salary of Rs. 500
per month. Raj was entitled to a commission of 5% on the profits after charging the interest on capitals,
but before charging salary payable to Som. The net profits for the year were Rs. 30,000 distributed
without providing for any of the above adjustments.
Pass the necessary adjustment entry showing the working clearly.

Answer 1

Answer:

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Answer 2

Answer:

12500

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