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P,Qand R are partners in a …

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P,Qand R are partners in a firm. Their capital accounts stood at rs 30000,rs15000 and rs15000 respectively on 1st april, 2018. As per the partnership deed :(1)R was to be allowed remuneration of rs 3000 per annum, (2)intrest @ 5% per annum was to be allowed on capital and (3) profits were to be distributed in the ratio of 2:2:1. Ignoring the above terms, net profit of rs18000 for the year ended 31st march,2019 was distributed among the partners equally. Pass and adjustment entry to rectify the error. Show the workings clearly.

Posted by Gabriel Jeyaraj 5 years, 6 months ago

CBSE > Class 12 > Accountancy

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