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A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. The following was the Balance Sheet of the firm as at 31.3.2024.
Liabilities Assets
Capitals: A B 4,90,000 3,00,000 Sundry Assets 7,90,000
7,90,000 7,90,00
Profits ₹ 2,00,00 for the year ended 31.3.2024 were divided between the partners without allowing interest on capital @ 6% p.a., interest on drawings @ 10% p.a. and salary to B @ ₹ 5,000 per month. During the year A withdrew ₹ 40,000 and B withdrew ₹ 20,00. Showing your working notes clearly, pass the necessary rectifying entry. Ans. A’s Capital A/c Dr. 13,400 To B’s Capital A/c 13,400
Anurag Pathak Answered question May 29, 2024
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