22. Amit, Sumit and Pulkit were partners sharing Profit &Loss in the ratio 5:3:2. Their Capitals were Rs 8,00,000; Rs 7,00,000 and Rs 5,00,000 respectively. According to Partnership Deed:-
(a) Interest on Capital @ 10% p.a.
(b) Salary to Amit Rs 10,000 p.m and Pulkit Rs 15,000 per quarter.
(c) Commission to Sumit Rs 70,000.
(d) Sumit was being guaranteed that his share of profits will not be less than Rs 65,000. Deficiency if any will be borne by Amit and Pulkit equally.
Ignoring the above terms the profits of Rs 6,00,000, for the year ended March 31, 2025 were divided equally between partners. You are required to pass necessary adjustment entry. Show your workings clearly.
Solution :-
