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(18) Q.21 Padmini and Pushpa are the partners. The ratio of theircapital is 5:4. Pushpa is entitled to receive 5% commissionfrom profit after deduction of her such commission. Whatamount will be received by Pushpa, when profit of thefirm is Rs. 15,645 at the end of the year ?​

Answer» CALCULATION of Share of profitsP's Share -3,50,000*5/10 = 1,75,000Q's share - 3,50,000*4/10 = 1,40,000R's share - 3,50,000*1/10 = 35,000R's guaranteed share is 50,000. So,the deficiency of 15,000 (50,000-35,000) is to be CONTRIBUTED by P and Q in the ratio of 3:2P's contribution = 15,000*3/5=9,000Q's contribution= 15,000*2/5 =6000Journal entry is as follows:- P's capital A/c Dr 9,000Q's capital A/c Dr 6,000 To R's capital A/c 15,000(Being deficiency contributed by PARTNERS)


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