

InterviewSolution
Saved Bookmarks
1. |
X andYare partner in a firmsharingprofitin theratio of 4:1 theydecidetoadmit Z, theirmaggeras a partner witheffectfrom2atapril, 2018 for 1/8 thsharein profit,Z asa manager ,wasgettingsalaryfo Rs.8,000 per monthandcommissionof5%of thenet profits afterchargingsuch salaryandcommission . As perthetermsof thepartnershipDeedany excess amountwhichZshallbeentitled toreceiveas apartner overthe amountwhichhavebeen dueto himas amanager , would bebornebyX outof hisshareof profit.profitfor theyearended31 st march, 2019Amountedto Rs. 13.56.000beforesalary andcommissionpreparetheprofitand loss approperiationAccountfor thepeiod ending31 st March , 2019 |
Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_061_S01.png" width="80%"/><br/>workingnote :`{:("distributionof <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> before admissionof Z as a <a href="https://interviewquestions.tuteehub.com/tag/partners-1148238" style="font-weight:bold;" target="_blank" title="Click to know more about PARTNERS">PARTNERS</a>: ",Rs,Rs),("profitbeforemanger'sSalary and <a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a> ",,13.56.000),("<a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> :AmountDueto Z asManager:" ,,),("Salary (Rs. 8.000"xx"12)",96.000,),( "Commission[5//105(Rs. 13.56.000-Rs. 96.000]",underline (60.000),1.56.000),( "Net DivisibleProfit ",,underlineunderlineoverline (12.00.000)),( "X'ssharein profit =Rs. 12.00.000"xx"4/5=Rs.9.60.000,and",,),("Y'shasin profit=Rs. 12.00.000 "xx"1/5=Rs.2.40.000",,):}`<br/>As Zhas been <a href="https://interviewquestions.tuteehub.com/tag/admitted-3551253" style="font-weight:bold;" target="_blank" title="Click to know more about ADMITTED">ADMITTED</a> as apartner , heis notentiledto getsalaryof Rs.96,000andcommisionof Rs. 60.000<br/>Instead he willget1 / 8thsharein theprofit=Rs.13.56.000 `xx` 1/8 =RS. 1.69.500 . <br/>thedeficiencyfo Rs.13.500 (i.e., 1.69.500-Rs. 1.69.500-Rs. 1.56.000 ) willbeborneby Xpersonallly .thusFinalsharein profit:<br/>X'sshare=Rs. 9.60.000 -Rs. 13.500 =Rs.9.69.500,Y 's share=Rs. 2,40,000, andZ'sshare =Rs. 1,69,500.</body></html> | |