Question

the partners of a firm distributed the profits for the year ended 31st March 2003 ₹90000 in the ratio of 3:2:1 without providing for the following adjustment
(1) A and B were entitled to a salary of ₹1500 each per annum
(2) B was entitled to a commission of ₹4500
(3) B and C had guaranteed a minimum profit of ₹35000 p.a to A
(4) profits were to be shared in the ratio of 3:3:2
pass necessary journal entry for the above adjustment in the books of the firm​

Answer 1

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Answer 2

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