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M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.?
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M and S were partners sharing profits in the ratio 3:2 . They admitted...
Profit and Loss Appropriation Account
Particulars | Amount (Rs.)
--- | ---
Profit for the year after charging V's salary | 605
V's salary | 55
Commission to V on remaining profit (10% of 550) | 55
Total salary and commission to V | 110
Balance profit after charging V's salary and commission | 495
M's share (3/5 of balance profit) | 297
S's share (2/5 of balance profit) | 198
Explanation:
1. The partnership firm consists of M and S sharing profits in the ratio of 3:2.
2. V is admitted as a partner and will receive a salary of Rs. 55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger.
3. The profit for the year after charging V's salary is Rs. 605.
4. V's salary is deducted from the profit, which is Rs. 55.
5. V's commission is calculated on the remaining profit after deducting his salary, which is Rs. 550 (605-55). 10% of this amount is Rs. 55.
6. The total salary and commission paid to V is Rs. 110 (55+55).
7. The balance profit after deducting V's salary and commission is Rs. 495 (605-110).
8. M's share of the balance profit is 3/5 of Rs. 495, which is Rs. 297.
9. S's share of the balance profit is 2/5 of Rs. 495, which is Rs. 198.
10. The profit and loss appropriation account is prepared to show the allocation of profits to partners.
Particulars | Amount (Rs.)
--- | ---
Profit for the year after charging V's salary | 605
V's salary | 55
Commission to V on remaining profit (10% of 550) | 55
Total salary and commission to V | 110
Balance profit after charging V's salary and commission | 495
M's share (3/5 of balance profit) | 297
S's share (2/5 of balance profit) | 198
Explanation:
1. The partnership firm consists of M and S sharing profits in the ratio of 3:2.
2. V is admitted as a partner and will receive a salary of Rs. 55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger.
3. The profit for the year after charging V's salary is Rs. 605.
4. V's salary is deducted from the profit, which is Rs. 55.
5. V's commission is calculated on the remaining profit after deducting his salary, which is Rs. 550 (605-55). 10% of this amount is Rs. 55.
6. The total salary and commission paid to V is Rs. 110 (55+55).
7. The balance profit after deducting V's salary and commission is Rs. 495 (605-110).
8. M's share of the balance profit is 3/5 of Rs. 495, which is Rs. 297.
9. S's share of the balance profit is 2/5 of Rs. 495, which is Rs. 198.
10. The profit and loss appropriation account is prepared to show the allocation of profits to partners.
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M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.?
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M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? 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 M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.?.
M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? 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 M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.?.
Solutions for M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? in English & in Hindi are available as part of our courses for Class 12.
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M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.?, a detailed solution for M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? has been provided alongside types of M and S were partners sharing profits in the ratio 3:2 . They admitted V . V was to receive a salary of rs.55 per annum plus a commission of 10% on the profits after charging such salary and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter (i.e. profits) over the former (i.e. salary and commission) is to be borne personally by M . prepare profit and loss appropriation account, if profit for the year after charging V's salary is rs.605.? theory, EduRev gives you an
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