CBSE Class-12 Accountancy: Questions 149 - 156 of 209
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Question number: 149
Question number: 150
Write in Short
Kumar and Raja were partners in a firm sharing profits in the ratio of 7: 3. Their fixed capital were: Kumar Rs. 9, 00, 000 and Raja Rs. 4, 00, 000. The partnership deed provided for the following but the profit for the year was distributed without providing for:
i) Interest on capital@9 % p. a.
ii) Kumar’s salary Rs. 50, 000 per year and Raja’s salary Rs. 3, 000 per month.
The profit for the year ended 31.3. 2007 was Rs. 2, 78, 000.
Pass the adjustment entry.