Question

29 PM Sun 19 Jul
Q13. Nithya and Chitra are partners in a firm. They admit Mihika,their manager, as a partner
with effect from 1st April 2020 for 1/5th share in profit. Mihika,as a manager was in receipt
of a salary of rupees 7,500 per month & 9% p.a interest on her deposit of rupees 2,00,000. She
was also receiving a commission @ 5% pa after charging all salary,interest & commission
As partner she will be entitled to interest on capital at the rate of 6% per annum like other
partners As per partnersmp deed any excess amount which Mihika will be entitled to receive
as a partner over the amount which would have been due to her if she continued to be the
manager will be borne by Nithya & Chitra in the ratio 3:2
Profit for the year ended 31st March 2020 amounted to rupees 7,80,000 (after making all
appropriations to Nithya & Chitra.)
Prepare Profit & loss appropriation account.

Answer 1

Explanation:

there is profit of nithya

there loss of chitra