ABC work partners in a firm …
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ABC work partners in a firm their capital were A ₹1,00,000, B ₹2,00,000 and C₹ 3,00,000 respectively on 1st April 2017 according to the partnership deed they were entitled to an interest on capital 5% p.a. In addition A was also entitled to draw salary of ₹5,000 per month.C was entitled to a commission of 5% on the profit after charging the interest on capital but before charging the salary payable to A. The net profit for the year ending 31st March, 2018 were ₹3,60,000 distributed in the ratio of their capital without providing for any of the above adjustment.The profit were to be shared in the ratio 2 :3 :5. Pass the necessary adjustment entries showing the working clearly
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