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x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account
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x and y are partners in firm sharing profit and losses in ratio 2:1 th...
Profit and Loss Appropriation Account for X, Y, and Z
Particulars Amount (Rs.)
Profit before payment of salary and commission 322,000
Salary of Z 25,000
Commission of Z 29,700 (10% of 297,000)
Net profit available for appropriation 267,300
Appropriation of Net Profit
Particulars Amount (Rs.)
Z's share (1/5th of 267,300) 53,460
X's share (2/3rd of 267,300 - 53,460) 118,140
Y's share (1/3rd of 267,300 - 53,460) 59,700
Z's excess share (to be borne by X) 36,000
Total 267,300
Explanation:
- X and Y are partners in the firm, sharing profit and losses in the ratio of 2:1.
- They decided to admit Z, their manager, as a partner giving him 1/5th share of profit.
- Z was receiving a salary of 25,000 p.a plus a commission of 10% of net profits after charging such salary and commission.
- The net profit available for appropriation after payment of salary and commission is 267,300.
- Z's share of profit is 1/5th of 267,300, which is 53,460.
- X's share of profit is 2/3rd of the remaining profit after deducting Z's share, which is 118,140.
- Y's share of profit is 1/3rd of the remaining profit after deducting Z's share, which is 59,700.
- Z's excess share of profit is 36,000, which will be borne by X.
- Therefore, the total profit and loss appropriation account is 267,300.
Particulars Amount (Rs.)
Profit before payment of salary and commission 322,000
Salary of Z 25,000
Commission of Z 29,700 (10% of 297,000)
Net profit available for appropriation 267,300
Appropriation of Net Profit
Particulars Amount (Rs.)
Z's share (1/5th of 267,300) 53,460
X's share (2/3rd of 267,300 - 53,460) 118,140
Y's share (1/3rd of 267,300 - 53,460) 59,700
Z's excess share (to be borne by X) 36,000
Total 267,300
Explanation:
- X and Y are partners in the firm, sharing profit and losses in the ratio of 2:1.
- They decided to admit Z, their manager, as a partner giving him 1/5th share of profit.
- Z was receiving a salary of 25,000 p.a plus a commission of 10% of net profits after charging such salary and commission.
- The net profit available for appropriation after payment of salary and commission is 267,300.
- Z's share of profit is 1/5th of 267,300, which is 53,460.
- X's share of profit is 2/3rd of the remaining profit after deducting Z's share, which is 118,140.
- Y's share of profit is 1/3rd of the remaining profit after deducting Z's share, which is 59,700.
- Z's excess share of profit is 36,000, which will be borne by X.
- Therefore, the total profit and loss appropriation account is 267,300.
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x and y are partners in firm sharing profit and losses in ratio 2:1 th...
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x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy?
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x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy?.
x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy?.
Solutions for x and y are partners in firm sharing profit and losses in ratio 2:1 they decided to admit z their manager as a partner giving him 1/5th share of profit .z while a manager was receiving a salary of 25000p.a plus a commission of 10percent of net profits after charging such salary and commission.it was agreed that any excess which z receives as a partner will be borne by. x .profits for the year amounted to 322000before payment of salary and commission prepare profit and loss appropriation account Related: Problems Based on Fundamentals- Accounting for Partnership Firms-Fundamentals, Class 12, Accountancy? in English & in Hindi are available as part of our courses for Commerce.
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