Question

Which year's population level is considered by the 14th finance commission while deciding the share of the states?

Answer 1

Dear Student,

Ans 75) It seems there was some misprint in the question , so we are taking Net profit amount as Rs 6,44,000:
Old ratio of A & B was 2:1, C joins as Partner with one-fifth share so new share between A, B & C is 8:4:3
 Profit & Loss Appropriation A/cDateParticularsAmount (in Rs)DateParticularsAmount (in Rs)31st Mar 2017Profit transferred to Partners' Capital A/c (W N) 31st Mar 2017Net Profit644,000 --A's Capital A/c335,200    --B's Capital A/c180,000    --C's Capital A/c128,800           644,000  644,000
Working Notes: 
C's share of profit = 6,44,000×515= 1,28,800
Had C been the manager his salary & Commission would be 50,000+6,44,000-50,000×10110 = 1,04,000
Difference between profit share & salary commission = 24,800 which is to be borne by A;
So Profit availability for A & B = 6,44,000-1,04,000 = 5,40,000
A's share = 5,40,000×23-24,800=3.35.200
B's share = 5,40,000×13=1,80,000