Question

Mina Shina and Tina are in partnership and during the year ended 31st March, 2020 earn a profit of
1.04,000. Mina and Shina are entitled to 5% pa. Interest on their capital of 120,000 and
2.00.000 respectively while Tina, who does not have capital in the firm, is entitled to a salary of
25,000 pa. Tina is also entitled to a commission of 5% on the profits after charging Interest, salary
and commission. It is further agreed that the balance profit should be appropriated as to 204 for
Charity Fund and the balance to be shared by the partners.​

Answer 1

Answer:

profit at the end of year =104000

less:

interest on Mina capital =6000

interest on shina capital =10000

salary to Tina. =25000

commission to Tina. =3000

charity fund. =204

balance left of profit is. =59796

working note for commission after charging commission =amount multiply rate ➗ 100+rate

= 63000 multiply 5 divide by 100+5

= 3000

Answer 2

Answer:

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