<,000. Balances 01 Capital Accounts . 11.b,uvu sveV Q. 8. Asha and Lata are partners sharing profits in the ratio of 1:2. Asha is entitledto a salary of 2,00,000 p.a. and a commission of 8% of net profit before charging anycommission. Lata is entitled to a commission of 8% of net profit after charging hercommission. Net Profit for the year ended 31st March, 2018 amounted to 35,40,000.Prepare Profit & Loss Appropriation Account.[Ans. Share of Profit: Asha 385,600 and Lata 1,71,200.]
Answers
Answered by
34
No thanks only blessing of class 12.
note.
at last a and b is lata and asha correct it.
Attachments:
Answered by
1
Answer:
Profit transferred to-
Asha's Capital A/c 85,600
Lata's Capital A/C 1,71,200
Explanation:
Calculation of Asha's Commission :
Asha is entitled to receive commission of 8% before charging any commission.
Asha's Commission = Net Profit X Rate/100
= 5,40,000 X = 43,200
Calculation of Lata's Commission :
Lata is entitled to receive commission of 8% after charging any commission.
Lata's Commission = Net Profit X Rate/(100 + Rate)
= 5,40,000 X = 5,40,000 X = 40,000.
Profit transferred to-
Asha's Capital A/c 85,600
Lata's Capital A/C 1,71,200
#SPJ3
Attachments:
Similar questions