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Asha and lata are partners sharing …

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Asha and lata are partners sharing profit in the ratio of 1:2.Asha is entitled to a salary of ₹200000 p.a. and a commission of 8% of net profit before charging any commission .Lata is entitled to a commission of 8% of net profit after charging her commission.Net Profit for the year ended 31st March,2018 amounted to ₹ 5,40,000. Prepare profit and loss appropriation account.

Posted by Priyanshu Pandey 4 years, 6 months ago

CBSE > Class 12 > Accountancy

2 answers

Jatin Arora 2 years, 5 months ago

no above answer is wrong net profit=540000 asha commission=net profit-asha salary (because asha commission is calculated after salary but before any commission) = 540000-200000 = 340000 asha commission= 340000×8/100 = 27200 then let's talk about lata's commission according to question lata commission is calculated after charging such commission lata commission= net profit-asha salary - asha commission = (540000-200000- 27200)× 8/108 =312800×8/108 =23170 finally, asha commission=27200 and lata's commission=23170

Vishu Rana 6 years, 6 months ago

commission of asha - 5,40,000×8/100 =43200 of lata - 5,40,000× 8/108= 40,000 Asha salary - 2,00,000 subtract these transactions from net profit then you will find profit which will distribute between partners in thier PSR Asha share of profit = 85600 Lata share of profit = 171200 these are the working notes ...by help of this you can easily make p/l appropriation A/C

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