Arun, Tarun and Varun were partners. Their capitals were Arun 1,50,000, Tarun—1,00,000 and Varun 50,000 respectively. According to the Partnership Deed, they were entitled to interest oncapital @ 5% pa. In addition Tarun was also entitled to draw salary oft 2500 per month Varun was entitledto a commission of 5% on the profits after charging the interest on capital, but before charging salarypayable to Tarun. Net profit for the year * 1,50,000 was distributed in the ratio of capitals withoutproviding for any of the above adjustments. The profit was to be shared in the ratio of 5:2:3Pass necessary adjustment entry showing the workings clearly.

Arun, Tarun and Varun were partners. Their capitals were Arun 1,50,000

1.	Arun, Tarun and Varun were partners. Their capitals were Arun 1,50,000, Tarun—1,00,000 and Varun 50,000 respectively. According to the Partnership Deed, they were entitled to interest oncapital @ 5% pa. In addition Tarun was also entitled to draw salary oft 2500 per month Varun was entitledto a commission of 5% on the profits after charging the interest on capital, but before charging salarypayable to Tarun. Net profit for the year * 1,50,000 was distributed in the ratio of capitals withoutproviding for any of the above adjustments. The profit was to be shared in the ratio of 5:2:3Pass necessary adjustment entry showing the workings clearly.
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