Ananya, Bhavi and Chandni were partners in a firm with capitals of 3,00,000, 2,00,000 and 1,00,000 respectively.

According to the provisions of the partnership deed:

(i) Ananya and Chandni were each entitled to a monthly salary of 1,500.

(ii) Bhavi was entitled to a salary of 4,000 per annum.

 

The profit for the year ended 31st March, 2022, 80,000 was divided between the partners in their profit sharing ratio of 3 : 3 : 2 without providing for the above adjustments.

 

Pass the necessary adjustment entry to rectify the above omissions in the books of the firm. Show your working notes clearly.

Marks-3, CBSE:2022-23/Zone-4/Set-1/Q-18*

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