The partners of a firm alia bhanu and chand
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90. The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017
80,000 in the ratio of 3:3:2 without providing for the following adjustments:(a) Alia and Chand were entitled to a salary of 1,500 each per month(b) Bhanu was entitled for a commission of 4,000.(c) Bhanu and Chand had guaranteed a minimum profit of 35,000 p.a. to Alia any deficiency to borneequally by Bhanu and Chand.Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly(CBSE Sample Paper 2018)