[CBSE] Q. 7 Solution Fundamentals of Partnership Firms DK Goel [2023-24]

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Are you looking for the solution of Question Number 7 of the Fundamentals of partnership firm chapter DK Goel Book 2023-24 Edition?

Asha and Lata are partners sharing profits in the ratio of 1 : 2. Asha is entitled to a salary of ₹ 2,00,000 p.a. and a commission of 8% of net profit before charging any commission. Lata is entitled to a commission of 8% of net profit after charging her commission. Net Profit for the year ended 31st March, 2023 amounted to ₹ 5,40,000. Prepare Profit & Loss Appropriation Account.

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[Ans: Share of Profit : Asha ₹ 85,600 and Lata ₹ 1,71,200.]

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Solution:-

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