X and Y are partners sharing profits in the ratio of 3: 2 with capitals of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
X and Y are partners sharing profits in the ratio of 3: 2 with capitals of Rs.80, 000 and Rs.60, 000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of Rs.6, 000 which has not been withdrawn. Profit for the year ended 31st March, 2018 before interest on capital but after charging Y's salary amounted to Rs.24, 000. A provision of 5% of the profit is to be made in respect of commission to the Manager. Prepare an account showing the allocation of profits. X and Y are partners sharing profits in the ratio of 3: 2 with capitals of Rs.80, 000 and Rs.60, 000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of Rs.6, 000 which has not been withdrawn. Profit for the year ended 31st March, 2018 before interest on capital but after charging Y's salary amounted to Rs.24, 000. A provision of 5% of the profit is to be made in respect of commission to the Manager. Prepare an account showing the allocation of profits.
Expert Answer:
Related Book For
Fundamentals of Selling Customers for Life through Service
ISBN: 978-0077861018
13th edition
Authors: Charles M. Futrell
Posted Date:
Students also viewed these accounting questions
-
Explain the type of speciation (allopatric, parapatric, or sympatric) most likely to occur under each of the following conditions: A. A pregnant female rat is transported by an ocean liner to a new...
-
Explain the type of environment in a service organization that best suits the use of standard costs for control?
-
Specify and explain the type of MIS system you plan to use, e.g., Microsoft Access, Microsoft Excel, Quick Books, Peachtree, existing system, specially designed system, other systems. Explain the...
-
Refer to Figure 9.3. Svetlana scores 0.70 on the responsibility scale of the CPI. Dymitri scores 0.30 on the responsibility scale of the CPI. By how many T-score points do their scores differ? Figure...
-
The symmetry or skewness (lack of symmetry) of a distribution is often measured by means of the quantity 3 = 3/3 Use the formula for 3 obtained in Exercise 4.25 to determine 3 for each of the...
-
Why is float a valuable resource, and why is free float more valuable than total float?
-
Allied Industries uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the year: Feb 3 Aug 8 Nov 10 Provided $600 of services to Bill...
-
What was Facebooks accounting effective tax rate for 2018? What items caused the companys accounting effective tax rate to differ from the hypothetical tax rate of 21 percent? What was the companys...
-
If fixed costs are $ 3 9 0 , 0 0 0 , variable costs are 7 5 % of net sales, and the company wants to reduce the price by 1 % , how many additional sales will they need to breakeven?
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
For a fee, the firm will give a client his refund when the return is filed. The loan is repaid when the Internal Revenue Service sends the refund directly to the firm. Thus, the RAL fee is equivalent...
-
What is the yield to maturity of a bond?
-
Repeat the problem above, considering an inflation of 4.0%. How does inflation affect the results of the previous problem? Previous problem You want to purchase a car with a sticker price of $25,000....
-
You own a Ceylon Tea bond with a par value of \($1,000\) and an 8-year maturity. It pays a 7 percent annual coupon rate. The bond currently sells for \($1,150\). What is the bonds expected rate of...
-
Siam Cement Group (SCG) bonds have an annual coupon rate of 7 percent and a par value of $1,000 and will mature in 15 years. If you require a return of 8 percent, what price would you be willing to...
-
Fill in the blank with the correct value for @Target that allows the code to compile. A. ElementType.METHOD, ElementType.CONSTRUCTOR B. ElementType.ANNOTATION_TYPE C. ElementType.CONSTRUCTOR,...
-
Air is free and is governed by the Clean Air Act to protect our rights to clean air. Local and community water supplies have increasing become more privatize and the cost has increase to the point in...
-
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended...
-
What would you do if you were Scott Patterson?
-
What are the ethical considerations, if any, in this case? Discuss.
-
Compare Joy's present job to what you think her previous job as a salesperson might have been. How are they similar? How are they different?
-
On 1 January 2024, a company receives gross debenture interest of 1,600 from another UK company and pays net debenture interest of 8,640 to individuals. Explain the corporation tax treatment of each...
-
A company's accounts for the 17 months to 30 June 2023 include: The debentures were acquired (not for trade purposes) on 1 May 2022. Interest is payable half-yearly on 30 April and 31 October. Show...
-
Distinguish between P-time and M-time.
Study smarter with the SolutionInn App