Question

15. Xand Yare partners sharing profits in the ratio of 3:2 with capitals of 8,00,000 and 6,00,000 respectively.
Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of 60,000 which has not
been withdrawn. Profit for the year ended 31st March, 2020 before interest on capital but after charging
Y's salary was 2,40,000.
A provision of 5% of the net profit is to be made in respect of commission to the Manager.
Prepare Profit and Loss Appropriation Account showing the allocation of profits.
16. Prem and Manoj are partners in a firm sharing profits in the ratio of 3:2. The Partnership Deed provided
that Prem was to be paid salary of 2,500 per month and Manoj was to get a commission of * 10,000
per year. Interest on capital was to be allowed @ 5% p.a. and interest on drawings was to be charged
@ 6% p.a. Interest on Prem's drawings was 1,250 and on Manoj's drawings was 425. Interest on Capitals
of the partners were 10,000 and 7,500 respectively. The firm's net profit for the year ended 31st March,
2020 was 90,575.​

Answer 1

Answer:

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Answer 2

Explanation:

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