Q.11 X, Y and Z are partners in a firm who share profits in the ratio...
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Q.11 X, Y and Z are partners in a firm who share profits in the ratio of 2:3:5. The firm earned a profit of 1,50,000 for the year ended December 31,2004. The profit by mistake was distributed among X, Y and Z in the ratio of 3:2:1 respectively. This error was noted only in the beginning of the next year. Pass necessary Journal entry to rectify the error. (CBSE 2005) Q.11 X, Y and Z are partners in a firm who share profits in the ratio of 2:3:5. The firm earned a profit of 1,50,000 for the year ended December 31,2004. The profit by mistake was distributed among X, Y and Z in the ratio of 3:2:1 respectively. This error was noted only in the beginning of the next year. Pass necessary Journal entry to rectify the error. (CBSE 2005)
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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