find the slope of ab where 1 (-1 , 3) and b (2 , 5) is the point c (8 , 1) E ab?
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Class 12
>>Accountancy
>>Reconstitution of a Partnership Firm - Admission of a Partner
>>Accounting Treatment of Accumulated Profits and Losses and Reserves
>>X and Y are partners sharin...
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X and Y are partners sharing profits and lossesin the ratio of 3:2. X is a non-working partner and contributes Rs.20,00,000 as his capital. Y is a working partner of the firm. The Partnership Deed provides for interest on capital @ 8% P.a. and salary to every working partner @ Rs.8,000 per month. Net profit before providing for interest on capital and patner's salary for the year ended 31st March, 2018 was Rs.80,000. Show the distribution of profit.
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PROFIT AND LOSS APPROPRIATION ACCOUNT
Particulars Amount Particulars Amount
To Interest on capital
X= 50,000
To Salary
Y= 30,000 80,000 By net profit 80,000
Total 80,000 Total 80,000
Interest on X's capital = 20,00,000*8%=1,60,000
Salary to Y = 8000*12 = 96,000
Total = 2,56,000
Net profits available is less than the appropriations to be made. So,the appropriations are to be made in the ratio of interest and salary i.e 5:3.
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