On 31 March, 2017 after the close of books of accounts, the capital accounts of Nusrat, Himesh and K K - Accountancy - Accounting for Partnership Basic Concepts

Question

On 31 March, 2017 after the close of books of accounts, the capital
accounts of Nusrat,
Himesh and K K showed balance of Rs 24,000; Rs 18,000 and Rs 12,000
respectively Their
profit sharing ratio is
3:2:1 K K is given a minimum guarantee of Rs 6,000 profit by Nusrat
personally
The profit for the year Rs 36,000 distributed in 3 : 2 : 1 without
providing for the interest on
capital @ 10% p a Partners? drawings during the year had been Rs
3,600; Rs 4,500 and
Rs 2,700 respectively
Pass necessary adjustment entry

Arjita Bhadauria · Accepted Answer