Question

The net trading profit of p, q, r for the year ended December 31 1993 was Rs. 60,000 distributed among partners p, q, r in the ratio 3/5, 1/5, 1/5. It was subsequently discovered that the aforementioned transactions were not passed
Interest in capital@5%
Interest in drawings amounted to p 700, q500, r 300
Partners salary to p rd 10,000 and R rd. 1,500
Commission to p rd 6000
Capital accounts of p rs 1,00,00.0 , q rs 80,000, r rd 60,000
Pass necessary entries to rectify the position and show current a/c

Answer 1

Answer:

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