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Don't answer if you don't know and within 10 minutes 48. The partners of a firm distributed the profits for the year ended 31st March,
Don't answer if you don't know and within 10 minutes 48. The partners of a firm distributed the profits for the year ended 31st March, 2016, 90,000 in the ratio of 3 : 2:1 without providing for the following adjustments : (i) A and B were entitled to a salary of 1,500 each per annum. (ii) B was entitled to a commission of 34,500. (iii) B and C had guaranteed a minimum profit of 35,000 p.a. to A. (iv) Profits were to be shared in the ratio of 3: 3:2. Pass necessary journal entry for the above adjustments in the books of the firm
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