Question

37. (P & L Appropriation A/e) X, Y and Z are in partnership with capital of 1,20,000 (Credit) * 1,00,000 (Credit) and 38,000 (Debit) respectively on 1st April, 2018. Their partnership deed provided the following: ( Partners are to be only allowed interest on capital @5% pa, and are to be charged interest on drawings @6% pa, (i X is entitled to a remuneration of 10% of the net profit for securing contacts with customers. 10040046444 1800 x 61.4.& fueraxoy (ii) Y is also entitled to a commission of 10% of the net profit after charging clause (ii) above. (iv) Z is entitled to a rent of 1,000 per month for the use of his premises by the firm. 1200 During the year, X withdrew 200 at the beginning of every month, Y* 300 during the month and 2 400 at the end of every month The net profit of the firm for the year ended 31st March, 2019 before providing for any of the above clauses was 1.11,000. From the above you are required to draft only the Profit and Loss Appropriation Account for the year ended 31st March, 2019 (All calculations are to be made nearest to the rupee). Ans. Profit 69,508 divided equally] [Hint. Y's commission 8,910]
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Answer 1

Answer:

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