A, b and c invest rs.150000 rs.250000 and rs.350000 respectively into a partnership firm. a is given rs.1000 per month as salary, b is given 10% commission of profit after deducting the salary given to a and the remaining profit is shared among them. At the end of the year if b received a total of rs.30000 as his share, find the total profit earned.
Answers
Answer:
PACEN
+18...
or hoe 2010e of the polynomial 4-62-26
as ane 275, find other croet.
Explanation:
Calculation of Interest on capital
A = 30000*5% = 1500
B= 20000*5% = 1000
C= 10000*5% = 500
Salary to B = 500*12=6000
Calculation of C's commission = 30000-3000 = 27000*5/100= 1350
Profits to be distributed= 30000-3000-6000-1350 = 19,650
The adjustment entry to be passed is as follows:-
A's Capital A/c Dr. 3675
To B's capital A/c 2895
To C's capital A/c 780
(Being adjustment entry passed)
Table Showing Adjustment To be Made
A B C
Interest on capital 1500 1000 500
Salary 6000
Commission 1350
Profits to be distributed( 19650) 9825 5895 3930
Total 11325 12895 5780
Less: profits wrongly allocated (15000) (10000) (5000)
Adjustments (3675) 2895 780