Question

(18)
Q.21 Padmini and Pushpa are the partners. The ratio of their
capital is 5:4. Pushpa is entitled to receive 5% commission
from profit after deduction of her such commission. What
amount will be received by Pushpa, when profit of the
firm is Rs. 15,645 at the end of the year ?​

Answer 1

Answer:

Calculation of Share of profits

P's Share -3,50,000*5/10 = 1,75,000

Q's share - 3,50,000*4/10 = 1,40,000

R's share - 3,50,000*1/10 = 35,000

R's guaranteed share is 50,000. So,the deficiency of 15,000 (50,000-35,000) is to be contributed by P and Q in the ratio of 3:2

P's contribution = 15,000*3/5=9,000

Q's contribution= 15,000*2/5 =6000

Journal entry is as follows:-

P's capital A/c Dr 9,000

Q's capital A/c Dr 6,000

To R's capital A/c 15,000

(Being deficiency contributed by partners)