X and y are partners in …
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X and y are partners in a firm. They admitted Z as a partner without capital for 1/3 share in the profits of the firm. She is blind by birth but having good management qualities. The new partnership agreement provides for the following:-
(i) 10% of trading profit will be denoted to prime Minister relief fund.
(ii) 5% of trading profit will be denoted to national blind relief fund.
(iii) products will be sold at a discount of 15% on maximum retail price to the people living below poverty line.
(iv) new retail shops will be opened in the naxal affected areas of the country.
(v) new jobs of sales persons will be reserved for the girls belonging to schedule castes and schedule tribes.
Trading profit of the firm for the year ended 31st march, 2018 was 5,00,000 rs. Prepare profit and loss appropriation account of X,Y and Z for the year ended 31st march, 2018.
Posted by Dinesh Dhanwani 5 years, 4 months ago
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