Question

salary, commission and interest on loan
A and B are partners from 1st April, 2017 without any partnership agreement
and they bring capital of 3,500 and 2,000 respectively. On 31st Oct., 2017, A
advances 750 by way of loan to the firm without any agreement as to interest.
The profit & loss account for the year discloses a profit of * 1.350-75 but the
partners can not agree upon the question of interest and division of profit.
You are required to divide the profit between them giving reasons for your method. .
solution step by step​

Answer 1

An error of commission. A compensating error. An error of original entry, or. A complete reversal of entries.An error of commission. A compensating error. An error of original entry, or. A complete reversal of entries.