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Pass the necessary adjustment entry showing the workings

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Question - Amar, Akbar & Anthony were partners. Their capitals were Rs.30,000; Rs.20,000 & Rs.10,000 respectively. According to the partnership deed they were entitled to an interest on capital at 5% p.a. In addition Akbar was also entitled to draw a salary of Rs.500 per month. Anthony was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to Akbar. The Net Profit for the year were Rs.30,000, distributed in the ratio of their capital without providing for any of the above adjustments. The profits were to be shared in the ratio of 2:2:1. Pass the necessary adjustment entry showing the workings clearly.

Reference no: EM132959033

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