The partners of a firm distributed …
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The partners of a firm distributed the profits for the year ending 31st march 2003 rs 1 40 000 in the ratio 2:2:1 without providing for the following adjustments :
1. A and B were entitled to a salary of rs.1500 per quarter
2. C was entitled to a commission of rs. 8000
3. A and C had guaranteed a minimum profit of rs. 50 000 p.a to B
4.profits were to be shared in the ratio of 3:3:2
Pass necessary journal entry for the above adjustments in the books of the firm
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Megha Pandey 1 year, 9 months ago
6Thank You