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X and Y are in partnership …

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X and Y are in partnership sharing profits and losses in the ratio of 2:1. They decided to admit Z, their manager, as a partner giving him 1/5th share of profit. Z, while a manager, was receiving a salary of ` 25,000 per annum plus commission of 10% of the profits after charging such salary and commission. It was also agreed that any excess amount which Z receives as a partner (over his salary and commission) will be borne by X. Profit for the year amounted to ` 3,22,000, before paying the salary and commission. Prepare Profit and loss appropriateion account.

Posted by Mehak Saifi 5 years, 11 months ago

CBSE > Class 12 > Accountancy

4 answers

Mohit Kumar 5 years, 11 months ago

Love method...hoga mehak??

Rajni Devi 5 years, 11 months ago

Method is = profit + as a manager salary and commission- as a partner salary After this adjustment profit ×partner 's share

Tanishk Singhal 5 years, 11 months ago

Z as a partner recived 322000 ×1÷5 of profit which is 64400 & a manager 52000 (25000+27000) 322000-52000 =270000 ×2÷3=180000 excess 12400 born by X= 167600 270000 ×1÷3=90000

Mehak Saifi 5 years, 11 months ago

Plz..koi method btaio bss...pl,

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