P,Q and R are partners in a firm Their capital accounts stood at Rs 30,000, Rs 15,000 and Rs - Accountancy - Accounting for Partnership Basic Concepts

Question

P,Q and R are partners in a firm Their capital accounts stood at Rs
30,000, Rs 15,000 and Rs 15,000 respectively on 1st January, 2009
As per the provisions of the deed-
(i) R was to be allowed a remuneration of Rs 3,000 p a (ii)
Interest @ 5%p a was to be provided on capital (iii) Profits were
to be divided in 2:2:1
Ignoring the above terms, net profit of Rs 18,000 for the year
ended December 31, 2009 was divided among the three partners
equally
Pass an adjustment entry

Himanshi Bhatia · Accepted Answer

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