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Question
P, Q and R are partners sharing profits in 2 : 2 : 1. They distributed the profit for the year ending 31st March 2024, ₹ 5,00,000, without providing for the following:
- Salary to P @ ₹ 15,000 per month.
- Salary to Q @ ₹ 30,000 per quarter
In the adjusting journal entry:
Options
Cr. P ₹ 1,80,000 and Cr. Q ₹ 1,20,000
Cr. Q ₹ 1,80,000 and Dr. R ₹ 1,80,000
Cr. P ₹ 60,000 and Dr. R ₹ 60,000
Dr. P ₹ 60,000 and Cr. R ₹ 60,000
MCQ
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Solution
Cr. P ₹ 60,000 and Dr. R ₹ 60,000
Explanation:
| Table Showing Adjustment | ||||
| Particulars | P (₹) | Q (₹) | R (₹) | Total (₹) |
| Salary (Cr.) | l,80,000 | 1,20,000 | - | 3,00,000 |
| Division of ₹ 3,00,000 in 2 : 2 : 1 (Dr.) | 1,20,000 | 1,20,000 | 60,000 | 3,00,000 |
| (Cr.) 60,000 | - | (Dr.) 60,000 | - | |
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