Question: Old mathjax Webview within 5 minutes or else skip please 52. A, B and C are partners in a firm. After the accounts of partnership

Old mathjax Webview within 5 minutes or else skip please 52. A, B and C are partners in a firm. After the accounts of partnership have been drawn up and the books closed off, it is discovered that for the years ended 31st March 2010 and 2011, interest has been allowed to the partners upon their Capitals @ 6% p.a. although there is no provision for interest in the partnership deed. Their fixed capitals on which interest was calculated were 31,00,000; 780,000 and 360,000 respectively. During the last two years, they have shared the profits as follows : 2010 3:2:1 2011 5:3:2 You are required to give necessary adjusting entry on 1st April, 2011
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
