Question

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.

Answer 1

Answer:

PACEN

+18...

or hoe 2010e of the polynomial 4-62-26

as ane 275, find other croet.

Answer 2

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

Hope it helps you

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