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P and q are partner's sharing profits and losses in the ratioq 16:40 on 1st April 2014 there capital war p 500000 & 300000 during the year ended 31st march 2015 the armd a profit 760000 the term of partner ship are (a) interstate capital is to be in charge @8%p.a (B) p will get commission @3%on transon (C) q will get a salary if 5000 per month (D) q will get commission of 5% on profit after dedestion of interst salary and commission. C inquding is on commission (E) p is an tilted to a rent of 80000 PR month for the use of. Previsiv by the firm . Partners drowning for the year War p 40000 & 30000 . term over for the year was 2000000 after considering the above factor you are required to peripar an loss appropriation account and partner capital account

Posted by Sahil Jakhar 1 year, 9 months ago

CBSE > Class 12 > Accountancy

3 answers

Ansil Mathew 1 year, 8 months ago

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4Thank You

Ansil Mathew 1 year, 8 months ago

I am very sorry

2Thank You

Ansil Mathew 1 year, 8 months ago

Hello friend i am very that i cant do this question like this if you want it to be done please whatsapp me i will snd u a pic of the solved answer oke ...

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ANSWER

Abhay Chandel Abhay 1 year, 8 months ago

myCBSEguide No products in the cart. Homework Help CBSE Class 12 Accountancy Sanjay and himanshu entered into a … CBSE, JEE, NEET, CUET Question Bank, Mock Tests, Exam Papers NCERT Solutions, Sample Papers, Notes, Videos Install Now Sanjay and himanshu entered into a partnership on 1jan 2014 contributing rupees 300000and 200000 respectively. They agreed share profit and loss in ratio 3:2 following information is provided regarding the partnership 1 each partner is allowed a salary of 10000rupees p.a 2 interest on capital@8%p.a 3 interest on drawing Bing 1500and 2500 respectively for sanjay and himanshu The profit of the firm for the year ended 31-12-14 was 18600 .prepare profit and loss appropriation account

Preeti Dabral 1 year, 8 months ago

Calculation of interest on drawings:
Total drawings = 6 {tex}\times {/tex} 4000 = 24000
Number of months = {tex}[\text {Time left after 1st drawing + Time left after last drawing}] \over 2{/tex}
= {tex}[6+1] \over 2{/tex} = 3.5 months
Hence, Interest on drawings = 24,000 {tex}\times{/tex} {tex}5 \over 100{/tex} {tex}\times{/tex} {tex}3.5 \over 12{/tex} = 350

0Thank You

Amazing Techs By Nakul 1 year, 8 months ago

Step 1: Calculation of Average Profit: Average Profit= [12000+18000+16000+14000]/ 4 = 15000 Step 2: Calculation of Goodwill: = Average profit * No. of purchase year's = 15000* 3 = 45000

Inventory turnover = {tex}\frac{cost of goods sold}{average inventory}{/tex}
8 = {tex}\frac{cost of goods sold}{40000}{/tex}
cost of goods sold = 3,20,000
{tex}\therefore{/tex} profit of 25% on cost of goods sold (since 20% on sales)
{tex}\therefore{/tex} gross profit = 3,20,000 {tex}\times{/tex} 25%
= Rs.80,000

Rehan Chouhan 1 year, 9 months ago

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