Question

The partners of a firm P,Q,R distributed the profit for the year ended 31st March,16 ₹1,80,000 in the ratio of 3:2:1 without providing for the following adjustment :
a. R is entitled to a commission of ₹ 20,000.
b. P and Q is entitled to a salary of ₹ 5,000 each per quarter
c. Q and R had guaranteed a minimum profit of ₹ 50,000 to P, deficiency borne equally by Q&R.
d. 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

Answer:

please ask one question at a time its difficult to answer so many