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rashmi and pintu are partners with capital of 50000 and 30000 the profit for the year ended 31st march 2017 amounted to 49200 before considering the following1. interest on capital is to allowed 5percent 2.rashmi is allowed 2percent commission on sales, sales was 200000 3.pintu is allowed commission 10percent on divisible profit(before charging his commission and reserve)4.it is decide to transfer 10percent of divisible profit to reserve a/c5.rashmi had advanced a loan of 20000 to firm on 1.4.16. prepare profit and loss a/c (if necessary ) and profit and loss appropriation a/c for the year ending 31st march 2017
Most Upvoted Answer
rashmi and pintu are partners with capital of 50000 and 30000 the prof...
Profit and Loss Account

Particulars Amount
Revenue (Sales) 200000
Add: Other Income -
Gross Profit 200000
Less: Expenses -
Interest on Capital (50000+30000) @ 5% 4000
Commission to Rashmi @2% of Sales 4000
Commission to Pintu @10% of Divisible Profit 4320
Net Profit 147680

Note: Divisible Profit = Gross Profit - Interest on Capital - Commission to Rashmi

Profit and Loss Appropriation Account

Particulars Amount
Net Profit 147680
Less: Transfer to Reserve 14768
Profit Available for Appropriation 132912
Less: Commission to Pintu 4320
Less: Interest on Capital (50000+30000) @ 5% 4000
Less: Loan to Rashmi 20000
Balance Profit Available for Distribution 105592

Note: Divisible Profit = Gross Profit - Interest on Capital - Commission to Rashmi
Commission to Pintu is calculated on Divisible Profit before charging his commission and reserve. Reserve is calculated on Balance Profit Available for Distribution.
Community Answer
rashmi and pintu are partners with capital of 50000 and 30000 the prof...
Particular. Amount. Particular. AmountTo interest on capital by profit and loss 49200Rashmi_2500Pintu_1500. 4000To rashmi comm. 4000To divisible profit. 4120To reserve. A/C. 3708To profit. Rashmi=16686Pintu = 16686. 33372 49200. 49200
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rashmi and pintu are partners with capital of 50000 and 30000 the profit for the year ended 31st march 2017 amounted to 49200 before considering the following1. interest on capital is to allowed 5percent 2.rashmi is allowed 2percent commission on sales, sales was 200000 3.pintu is allowed commission 10percent on divisible profit(before charging his commission and reserve)4.it is decide to transfer 10percent of divisible profit to reserve a/c5.rashmi had advanced a loan of 20000 to firm on 1.4.16. prepare profit and loss a/c (if necessary ) and profit and loss appropriation a/c for the year ending 31st march 2017 Related: Nature of Partnership - Class 12, Accountancy
Question Description
rashmi and pintu are partners with capital of 50000 and 30000 the profit for the year ended 31st march 2017 amounted to 49200 before considering the following1. interest on capital is to allowed 5percent 2.rashmi is allowed 2percent commission on sales, sales was 200000 3.pintu is allowed commission 10percent on divisible profit(before charging his commission and reserve)4.it is decide to transfer 10percent of divisible profit to reserve a/c5.rashmi had advanced a loan of 20000 to firm on 1.4.16. prepare profit and loss a/c (if necessary ) and profit and loss appropriation a/c for the year ending 31st march 2017 Related: Nature of Partnership - 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 rashmi and pintu are partners with capital of 50000 and 30000 the profit for the year ended 31st march 2017 amounted to 49200 before considering the following1. interest on capital is to allowed 5percent 2.rashmi is allowed 2percent commission on sales, sales was 200000 3.pintu is allowed commission 10percent on divisible profit(before charging his commission and reserve)4.it is decide to transfer 10percent of divisible profit to reserve a/c5.rashmi had advanced a loan of 20000 to firm on 1.4.16. prepare profit and loss a/c (if necessary ) and profit and loss appropriation a/c for the year ending 31st march 2017 Related: Nature of Partnership - Class 12, Accountancy covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for rashmi and pintu are partners with capital of 50000 and 30000 the profit for the year ended 31st march 2017 amounted to 49200 before considering the following1. interest on capital is to allowed 5percent 2.rashmi is allowed 2percent commission on sales, sales was 200000 3.pintu is allowed commission 10percent on divisible profit(before charging his commission and reserve)4.it is decide to transfer 10percent of divisible profit to reserve a/c5.rashmi had advanced a loan of 20000 to firm on 1.4.16. prepare profit and loss a/c (if necessary ) and profit and loss appropriation a/c for the year ending 31st march 2017 Related: Nature of Partnership - Class 12, Accountancy.
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