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X Y and Z are partner in the forms sharing profit and losses in the ratio of 3 is to 2 is to 1 why is allowed a salary of 6000 per annum and it is entitled to get Commission 2% on sales sales during year Mount to 330000 X is also entitled to get 10% commission and net profit after charging his commission during 2014 from earn a profit of 10% on says prepare Profit and Loss appropriation account give answer
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X Y and Z are partner in the forms sharing profit and losses in the ra...
Profit and Loss Appropriation Account for the year ending 2014

Calculation of Net Profit before charging commissions:
- Total Sales: $330,000
- X's Commission (2% on sales): $6,600
- Y's Commission (10% on sales): $33,000
- Net Profit before charging commissions: $330,000 - $6,600 - $33,000 = $290,400

Calculation of Net Profit after charging X's commission:
- X's Salary: $6,000
- X's Commission (10% on sales): $33,000
- Total X's Commission: $6,600 (from profit sharing) + $33,000 = $39,600
- Net Profit after charging X's commission: $290,400 - $6,000 - $39,600 = $244,800

Profit and Loss Appropriation Account:
- Net Profit before charging commissions: $290,400
- Less: X's Commission: $39,600
- Net Profit after charging commissions: $244,800
- Less: Y's Commission: $33,000
- Remaining Profit for distribution: $211,800

Profit distribution according to profit-sharing ratio (3:2:1):
- X's share: $211,800 * 3/6 = $105,900
- Y's share: $211,800 * 2/6 = $70,600
- Z's share: $211,800 * 1/6 = $35,300
This is how the Profit and Loss Appropriation Account for the year ending 2014 would look like based on the given information.
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X Y and Z are partner in the forms sharing profit and losses in the ratio of 3 is to 2 is to 1 why is allowed a salary of 6000 per annum and it is entitled to get Commission 2% on sales sales during year Mount to 330000 X is also entitled to get 10% commission and net profit after charging his commission during 2014 from earn a profit of 10% on says prepare Profit and Loss appropriation account give answer Related: Short Answer Questions - Accounting for partnership firms: Fundamentals?
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X Y and Z are partner in the forms sharing profit and losses in the ratio of 3 is to 2 is to 1 why is allowed a salary of 6000 per annum and it is entitled to get Commission 2% on sales sales during year Mount to 330000 X is also entitled to get 10% commission and net profit after charging his commission during 2014 from earn a profit of 10% on says prepare Profit and Loss appropriation account give answer Related: Short Answer Questions - Accounting for partnership firms: Fundamentals? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about X Y and Z are partner in the forms sharing profit and losses in the ratio of 3 is to 2 is to 1 why is allowed a salary of 6000 per annum and it is entitled to get Commission 2% on sales sales during year Mount to 330000 X is also entitled to get 10% commission and net profit after charging his commission during 2014 from earn a profit of 10% on says prepare Profit and Loss appropriation account give answer Related: Short Answer Questions - Accounting for partnership firms: Fundamentals? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X Y and Z are partner in the forms sharing profit and losses in the ratio of 3 is to 2 is to 1 why is allowed a salary of 6000 per annum and it is entitled to get Commission 2% on sales sales during year Mount to 330000 X is also entitled to get 10% commission and net profit after charging his commission during 2014 from earn a profit of 10% on says prepare Profit and Loss appropriation account give answer Related: Short Answer Questions - Accounting for partnership firms: Fundamentals?.
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