Question

X, Y and Z are in the partnership and on Ist April, 2015, their respective
and Z *20,000 per annum, payable before division of profits. Interest is allowed on
capital at 5% per annum but is not charged on drawings. Of the net divisible profits of
the first 1,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent,
capitals were 2,00,000; 1,20,000 and 1,00,000. Y is entitled to a salary of 25,000
over that amount profits are shared equally. The profit for the year ended 31st March,​

Answer 1

X, Y and Z are in the partnership and on Ist April, 2015, their respective

and Z *20,000 per annum, payable before division of profits. Interest is allowed on

capital at 5% per annum but is not charged on drawings. Of the net divisible profits of

the first 1,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent,

capitals were 2,00,000; 1,20,000 and 1,00,000. Y is entitled to a salary of 25,000

over that amount profits are shared equally. The profit for the year ended 31st March,