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sanjana and kalpana are partners sharing profit in the ratio of 3:2 with capitals of ₹25000 and ₹15000 respectively . Interest on capital is agreed @6%p.a. kalpana is to be allowed on annual salary of ₹1250.During 2015-16, the profits of the year prior to calculation of interest on capital but after charging kalpana salary amounted to ₹6250. A provision of 5% of the net profits to be made in respect of managers commission . Prepare p&l appropriation account and partner capital account.
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sanjana and kalpana are partners sharing profit in the ratio of 3:2 wi...
The first step is to calculate the interest on capital for both partners:

Sanjana's interest on capital = 6% of ₹25000 = ₹1500
Kalpana's interest on capital = 6% of ₹15000 = ₹900

Next, we need to subtract Kalpana's salary from the profits before interest:

Profits before interest = ₹6250
Less: Kalpana's salary = ₹1250
Net profits before interest = ₹5000

Now we can allocate the profits based on the profit-sharing ratio:

Sanjana's share = 3/5 x ₹5000 = ₹3000
Kalpana's share = 2/5 x ₹5000 = ₹2000

We also need to make a provision for the manager's commission:

Manager's commission = 5% of ₹5000 = ₹250

Finally, we can calculate the total profits for the year:

Total profits = Net profits before interest - Manager's commission + Interest on capital + Kalpana's salary
Total profits = ₹5000 - ₹250 + ₹1500 + ₹1250
Total profits = ₹7000

To distribute the profits, we need to subtract the interest on capital and Kalpana's salary from each partner's share:

Sanjana's final share = ₹3000 - ₹1500 = ₹1500
Kalpana's final share = ₹2000 - ₹900 - ₹1250 = -₹150 (this means she has a loss for the year)

Since Kalpana has a loss, she will not receive any profit share. Instead, her loss will be deducted from her capital account. Sanjana's final share of the profits is ₹1500.
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sanjana and kalpana are partners sharing profit in the ratio of 3:2 with capitals of ₹25000 and ₹15000 respectively . Interest on capital is agreed @6%p.a. kalpana is to be allowed on annual salary of ₹1250.During 2015-16, the profits of the year prior to calculation of interest on capital but after charging kalpana salary amounted to ₹6250. A provision of 5% of the net profits to be made in respect of managers commission . Prepare p&l appropriation account and partner capital account.
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sanjana and kalpana are partners sharing profit in the ratio of 3:2 with capitals of ₹25000 and ₹15000 respectively . Interest on capital is agreed @6%p.a. kalpana is to be allowed on annual salary of ₹1250.During 2015-16, the profits of the year prior to calculation of interest on capital but after charging kalpana salary amounted to ₹6250. A provision of 5% of the net profits to be made in respect of managers commission . Prepare p&l appropriation account and partner capital account. for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about sanjana and kalpana are partners sharing profit in the ratio of 3:2 with capitals of ₹25000 and ₹15000 respectively . Interest on capital is agreed @6%p.a. kalpana is to be allowed on annual salary of ₹1250.During 2015-16, the profits of the year prior to calculation of interest on capital but after charging kalpana salary amounted to ₹6250. A provision of 5% of the net profits to be made in respect of managers commission . Prepare p&l appropriation account and partner capital account. covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for sanjana and kalpana are partners sharing profit in the ratio of 3:2 with capitals of ₹25000 and ₹15000 respectively . Interest on capital is agreed @6%p.a. kalpana is to be allowed on annual salary of ₹1250.During 2015-16, the profits of the year prior to calculation of interest on capital but after charging kalpana salary amounted to ₹6250. A provision of 5% of the net profits to be made in respect of managers commission . Prepare p&l appropriation account and partner capital account..
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