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Laxmikant Karuan 5 months, 1 week ago

Her brother
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Naina Gupta 5 months ago

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Janvi Pal 5 months ago

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Mr Thunder 5 months, 2 weeks ago

To prepare the Profit and Loss Appropriation Account for the year ended 31.3.2007, we need to follow these steps: 1. Calculate the total net profit of the firm. 2. Deduct John's monthly salary from the net profit. 3. Calculate David's commission on the remaining profit. 4. Allocate the remaining profit between David and John based on their profit-sharing ratio. Let's do the calculations: 1. Total net profit of the firm: Total net profit = Rs. 1,40,000 2. Deduct John's monthly salary: John's salary for the year = Rs. 2,500 * 12 months = Rs. 30,000 Remaining profit after salary = Rs. 1,40,000 - Rs. 30,000 = Rs. 1,10,000 3. Calculate David's commission: David's commission = 10% of Rs. 1,10,000 = Rs. 11,000 4. Allocate remaining profit between David and John: David's share = (4/5) * Rs. 1,10,000 = Rs. 88,000 John's share = (1/5) * Rs. 1,10,000 = Rs. 22,000 Now, let's prepare the Profit and Loss Appropriation Account: ``` Profit and Loss Appropriation Account For the year ended 31.3.2007 Particulars Amount (Rs.) ---------------------------------------- Net profit (as per P&L) 1,40,000 Less: John's salary 30,000 -------- Remaining profit 1,10,000 David's commission -11,000 -------- Remaining profit for distribution 99,000 David's share (4/5) 88,000 John's share (1/5) 22,000 -------- Total 1,10,000 -------- ``` This is the Profit and Loss Appropriation Account for the year ended 31.3.2007, showing how the net profit is distributed between David and John after deducting expenses and commission.
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Mr Thunder 5 months ago

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Rishman Sohi 5 months ago

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Mr Thunder 5 months, 2 weeks ago

"M. Hamel is a dedicated and passionate teacher who deeply cares about his students and their education. Despite facing adversity, such as the impending loss of his job due to political changes, he remains committed to teaching until the very end, imparting valuable lessons about the importance of one's language and culture. Little Franz is a young student who initially struggles with his studies, but he demonstrates a willingness to learn and grow, especially when he realizes the gravity of the situation regarding the French language ban. He represents innocence and the impact of education on young minds."
Om Parkash and Som Parkash commenced business in partnership on 1st April, 2017. No agreement was made either oral or written. They contributed 20,000 and ₹15,000 respectively as capital. On 1st October, 2017 Om Parkash advanced to the firm ₹10,000 as loan. On 15th November, 2017 Om Parkash met with an accident and could not attend the partnership business up to 15th February, 2018. The firm made a profit of 28,300 for the year ended 31st March, 2018, prior to the following claims, disputes having arisen between them for sharing profits: Om Parkash Claims: (1) Interest on capital and on loan @10% p.a. (ii) Profit sharing in capital ratio. Som Parkash Claims: (1) Profit sharing in equal ratio. No Partnership Deed (1) He should be allowed salary of ₹1,000 p.m. for the period of Om Parkash's illness. (1) Interest on capital and on loan should be given only @6% p.a. You are required to settle the dispute between them and distribute the profits according to the provisions of Partnership Act. State reasons for your answer
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Mr Thunder 5 months, 2 weeks ago

To settle the dispute and distribute the profits according to the provisions of the Partnership Act, we need to consider the following claims and provisions: Om Parkash's Claims: 1. Interest on capital and on loan @10% p.a. 2. Profit sharing in the capital ratio. Som Parkash's Claims: 1. Profit sharing in equal ratio. Additional Claim (No Partnership Deed): 1. Salary for Om Parkash's illness period. 2. Interest on capital and on loan @6% p.a. Let's address each claim: 1. **Interest on capital and on loan @10% p.a. (Om Parkash's claim):** According to the Partnership Act, partners are entitled to interest on capital only if there is an agreement to that effect. Since there is no agreement, interest on capital should not be allowed. However, interest on loan can be allowed as it is a liability of the firm. 2. **Profit sharing in the capital ratio (Om Parkash's claim):** In the absence of a partnership agreement, profit sharing is done in the ratio of the capital contributed by each partner. Therefore, the profit should be shared in the ratio of 20,000 : 15,000, which is 4:3 between Om Parkash and Som Parkash respectively. 3. **Profit sharing in equal ratio (Som Parkash's claim):** Since there is no partnership agreement, and profit sharing is based on the capital ratio, Som Parkash's claim for equal profit sharing cannot be entertained. 4. **Salary for Om Parkash's illness period (No Partnership Deed):** Partners are not entitled to salary unless there is a specific provision in the partnership agreement. Therefore, the claim for salary cannot be entertained. 5. **Interest on capital and on loan should be given only @6% p.a. (No Partnership Deed):** Since there is no partnership agreement, interest on capital and loan should be given at the rate specified in the Indian Partnership Act, which is 6% p.a. Based on the above analysis, the profits should be distributed as follows: - Total profit: Rs. 28,300 - Om Parkash's share (4/7): Rs. 16,100 - Som Parkash's share (3/7): Rs. 12,200 Om Parkash will not be entitled to interest on capital but will receive interest on the loan @6% p.a. Som Parkash will receive his share of profit without any additional claims. This distribution is fair and in accordance with the provisions of the Partnership Act, considering the absence of a partnership agreement.
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Krishna Rajput 5 months ago

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Muskan Bhardwaj 5 months ago

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Mr Thunder 5 months, 2 weeks ago

1. Know the syllabus. 2. Focus on weak areas. 3. Plan a study schedule. 4. Use textbooks and resources. 5. Practice previous papers. 6. Solve practice questions. 7. Ask for help if needed. 8. Use visual aids. 9. Revise regularly. 10. Stay calm and confident. Keep it simple, stay focused, and put in consistent effort. Good luck!

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