Question

$8. Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5:3:2. Their capitals as on 1st April, 2019
were: Kabir--5,20,000, Zoravar-3,20,000 and Parul* 2,00,000.
The Partnership Deed provided as follows:
© Kabir and Zoravar each will get salary of 24,000 p.a.
m) Parul will get commission of 2% of Sales.
cm Interest on capital is to be allowed @ 5% p.a.
(v) Interest on Drawings is to be charged @ 5% p.a.
(V) 10% of Divisible Profit is to be transferred to General Reserve.
Sales for the year ended 31st March, 2020 were 50,00,000. Drawings by each of the partners during the
year was 760,000. Net Profit for the year was 1,55,500.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020.​

Answer 1

Answer:

To Salary to:                                   By Net Profit    1,55,500

Kabir                 24,000                  By Drawings    1,80,000

Zoravar             24,000                   (W.N.3)

                                                       By Interest on   9,000

To Sales Comm. 1,00,000             Drawings(W.N 3)

to Parul(W.N 1)

To Interest on     52,000                

Capital(W.N 2)                

To General           15,550

Reserve(10%)

To  Partner A/c-

(5:3:2)        

Kabir                     64475

Zoravar                 38685

Parul                      25790

                                                                                                           

                           344500                                               344500

                                                                                                                 

Working Notes:

1)Calculation of Sales Commission to Parul

    =  Rs.50,00,000 x 2%

    = Rs.1,00,000

Explanation:

hope it help you .follow me an Mark as brainlists