Q7.Asha and Lata are partners sharing …

Q7.Asha and Lata are partners sharing profits in the ratio of 1:2. Asha is entitled a salary of 2,00,000 pa and a commission of 8% of net profit before charging any ommission. Lata is entitled to a commission of 8% of net profit after charging her ommission. Net Profit for the year ended 31st March, 2023 amounted to 25,40,000. Prepare Profit & Loss Appropriation Account.

Ch1

Q7.Asha and Lata are partners sharing profits in the ratio of 1:2. Asha is entitled a salary of 2,00,000 pa and a commission of 8% of net profit before charging any ommission. Lata is entitled to a commission of 8% of net profit after charging her ommission. Net Profit for the year ended 31st March, 2023 amounted to 25,40,000. Prepare Profit & Loss Appropriation Account.