Question

x and y are partners sharing profits in the ratio 3:2 their capital on 1 april 2019 was Rs 2,00,000 and 1,50000 on Capital @5%p.a.X is entitled to get a commission of 10% on net distributable profit before charging his commission while Y is entitled to get commission of 10% on profit after charging all commission. netprofit for the year ending 31st March 2020 before charging intrest on capital and commission amounted to Rs.46,650. prepare profit and loss appropriation account​

Answer 1

Explanation:

profit and loss appropriation account