Please allow ads on our site
Please log in to access this content. You will be redirected to the login page shortly.
LoginThe partnership agreement between Maneesh and Girish provides that:
(i) Profits will be shared equally,
(ii) Maneesh will be allowed a salary of Rs. 400 p.m,
(iii) Girish who manages the sales department will be allowed a commission equal to 10% of the net profits, after allowing Maneesh’s salary,
(iv) 7% interest will be allowed on partner’s fixed capital,
(v) 5% interest will be charged on partner’s annual drawings,
(vi) The fixed capitals of Maneesh and Girish are Rs. 1,00,000 and Rs. 80,000, respectively. Their annual drawings were Rs. 16,000 and 14,000, respectively. The net profit for the year ending March 31, 2015 amounted to Rs. 40,000,
Prepare firm’s Profit and Loss Appropriation Account.
Class 12 Accounts in Class 12 3 years ago
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
Take Quiz To Earn Credits!
Turn Your Knowledge into Earnings.
Answers
No matter what stage you're at in your education or career, TuteeHub will help you reach the next level that you're aiming for. Simply,Choose a subject/topic and get started in self-paced practice sessions to improve your knowledge and scores.
