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A, B and C were partners. Their capitals were A– 30,000; B– 20,000 and C– 10,000 respectively. According to the Partnership Deed, they were entitled to an interest on capital @ 5%
p.a. In addition, B was also entitled to draw a salary of 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 profit for the year were 30,000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2.
Pass necessary adjustment entry showing the workings clearly.
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