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CBSE Class 12-commerce Answered

A and B partners in a firm sharing profits and loss in the ratio of 2: 3 with capitals of 4,00,000 and 8,00,000 respectively on 1 april 2016.each partner's is entitled to 10% p.a. interest on his capitals. B is entitled a commission of 10% on net profit remaining after dedicating interest on capital but before charging any commission. A entiteld commission is 8% of net profit remaining after d educating interest on capitals and after charging all commission. The profit for the year ended 31st March, 2017 prior to calculation of interest on capitals was 6,00,000. Prepare profit and loss appropriation account
Asked by awneeshkumar22 | 19 Apr, 2019, 05:53: PM
answered-by-expert Expert Answer
We appreciate your doubt. Similar questions (Example no. 13) and their complete solutions are available on our website for your reference at the below mentioend link:
 
https://www.topperlearning.com/study/cbse/class-12-commerce/accountancy/text-book-solutions/t-s-grewal-part-a-vol-i/539/accounting-for-partnership-firms-fundamentals/2448/b101c504s549e9 
 
We hope that the solutions and workings will help you understand the concept and guide you in solving all the related questions.
Answered by Surabhi Gawade | 20 Apr, 2019, 12:13: PM

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