Question

LTE
Q24.P and Q are partners with
capitals of Rs.6,00,000 and
Rs.4,00,000 respectively. The profit
and Loss Account of the firm showed
a net Profit of Rs.4,26,800 for the
year. Calculate Divisible Profit of the
firm through Profit and Loss
Appropriation account after taking
the following into consideration:- i.
Interest on P's Loan of Rs. 2,00,000
to the firm ii. Interest on capital to be
allowed @ 6% p.a. iii. Interest on,
Drawings @ 8% p.a. Drawings were ;
P Rs 80,000 and Q Rs. 50,000. iv. Q
is to be allowed a commission on
sales@ 3%. Sales for the year was Rs.
10,00,000.10% of the divisible
profits is to be kept in a Reserve
Account *
250,000
260,000
O 270,000​

Answer 1

Answer:

LTE

Q24.P and Q are partners with capitals of Rs.6,00,000 and

Rs.4,00,000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs.4,26,800 for the

year. Calculate Divisible Profit of the firm through Profit and Loss Interest on P's Loan of Rs. 2,00,000 Drawings @ 8% p.a. Drawings were ; P Rs 80,000 and Q Rs. 50,000. iv. Q 100000010 % of the divisible

Appropriation account after taking the following into consideration:- i.

to the firm ii. Interest on capital to be allowed @ 6% p.a. iii. Interest on,

is to be allowed a commission on sales@ 3%. Sales for the year was Rs.

profits is to be kept in a Reserve

Account *

250,000

260,000

O 270,000

Explanation:

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