Q.41. A, B and C were partners in a firm. On 1st April, 2016 their cap

1.	Q.41. A, B and C were partners in a firm. On 1st April, 2016 their capitals stood as Rs. 5,00,000, RS.2,50,000 and Rs. 2,50,000 respectively. As per the provisions of the partnership deed.(1) C was entitled for a salary of Rs. 5,000 per month.(ii) Awas entitled for a commission of Rs. 80,000 p.a(iii) Partners were entitled to interest on capital @6%p.a.(iv) Partners will share profits in the ratio of capitals.Net profit for the year ended 31.03.2017 wa Rs. 3,00,000 which was distributed equally, withouttaking into consideration the above provisions. Showing your working clearly. Pass necessaryadjustment entry for the above.RI KAUTILYby Rs 60
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Q.41. A, B and C were partners in a firm. On 1st April, 2016 their capitals stood as Rs. 5,00,000, RS.2,50,000 and Rs. 2,50,000 respectively. As per the provisions of the partnership deed.(1) C was entitled for a salary of Rs. 5,000 per month.(ii) Awas entitled for a commission of Rs. 80,000 p.a(iii) Partners were entitled to interest on capital @6%p.a.(iv) Partners will share profits in the ratio of capitals.Net profit for the year ended 31.03.2017 wa Rs. 3,00,000 which was distributed equally, withouttaking into consideration the above provisions. Showing your working clearly. Pass necessaryadjustment entry for the above.RI KAUTILYby Rs 60

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