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A,B andC were partners in a …

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A,B andC were partners in a firm . On 1 april, 2013, their fixed capitals stood at 50000,25000 and 25000 respectively. As per the provisions of the partnership deed : ....C was entiltles for a salary of 5000 pa. ...All the partners were entitled to interest on capital at 5%pa. ....profits were to be shared in the ratio of capitals . Net profit for the year ended 31st March, 2014 of 33000 and 31st March,2015 of 45000 was divided equally without providing for the above terms .pass an adjustment entry to rectifying the above error.

Posted by Nisha Deshwal 8 years, 2 months ago

CBSE > Class 12 > Accountancy

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