Question

Q. 13. A, B and C are partners with Fixed Capitals of 31,00,000; 32,00,000 and
3,00,000 respectively. Their partnership deed provides that :
(a) A is to be allowed a monthly salary of 600 and B is to be allowed a monthly
salary of 400.
(b) C will be allowed a commission of 5% of the net profit after allowing salaries
of A and B.
(c) Interest is to be allowed on Capitals @ 6%.
(d) Interest will be charged on partner's annual drawings at 4%.
(e) The annual drawings were : B 10,000 and C 15,000.
The net profit for the year ending 31st March, 2016 amounted to 1,72,000.
prepare profit and loss account​

Answer 1

P is bound to pay Rs 20,000 together with profit of Rs 5,000 to the firm because this amount belongs to the firm.

Explanation: As per Principal and Agent relationship, P is principal as well as agent to the firm and to Q and R. As per this rule, any profit earned by an agent (P) by using the firm’s property is attributable to the firm.

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Answer 2

Answer:

Q)  A , B and C are partners with fixed capitals of 1,00,000 , 200,000 and

3,00,000 respectively. Their partnership deed provides that :

(a) A is to be allowed a monthly salary of 600 and B is to be allowed a

monthly salary of 400.

(b) C will be allowed a commission of 5% of the net profit after

allowing salaries of A and B.

(c) Interest is to be allowed on capitals @ 6%.

(d) Interest will be charged on partners annual drawings at 4%.

(e) The annual drawings were :B 10,000 and C 15,000.

The net profit for the year ending 31st march, 2014 amounted to

1,72,000.

Prepare P&L Appropriation account.

[Ans: Share of profit 39,000 to each partner.]

Explanation: