65. A, B and C were partners. Their fixed capitals were ` 60,000, ` 40,000 and ` 20,000 respectively. Their profit sharing ratio was 2: 2: 1. According to the Partnership Deed, they were entitled to interest on capital @ 5% p.a. 
 In addition, B was also entitled to draw a salary of ` 1,500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profits for the year, ` 80,000, were distributed in the ratio of their capitals without providing for any of the above adjustments. Showing your workings clearly, pass the necessary adjustment entry. 

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Answer 65

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