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X and y are partners share …

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X and y are partners share profit is ratio 3 ratio 2 with capitals of 80,000 and 60,000 respectively interest on capital is agreed @5% p.a Y is allowed an annual salary of 6,000 which has not been withdrawn profit for the year ended 31st March 2018 before interest on capital but after charging y's salary amounted to 24,000 A provision of 5% of profit is to be made in respect commission to the manager

Posted by Raja Semwal Raja 1 year, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Dhruv Kalra 1 year, 9 months ago

Profit and Loss Adjustment Account for the year ended 31st March 2019 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) Manager’s Commission (3,00,000×5%) 15,000 Profit and Loss A/c (Net Profit after Y’s salary) 2,40,000 Y’s Salary 60,000 Profit transferred to Profit and Loss Appropriation A/c 2,85,000 3,00,000 3,00,000 Profit and Loss Appropriation Account for the year ended 31st March 2019 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) Salary to Y 60,000 Profit and Loss Adjustment A/c 2,85,000 Interest on Capital: (After manager’s commission) X 40,000 Y 30,000 70,000 Profit transferred to: X’s Capital A/c 93,000 Y’s Capital A/c 62,000 1,55,000 2,85,000 2,85,000 Working Notes: WN 1 Calculation of Manager’s Commission Profit for making Managers’ Commission = 2,40,000 + 60,000 (Y’s Salary) = ₹3,00,000

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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