[CBSE]Q. 7 solution of Fundamentals of Partnership Firms DK Goel (2022-23)

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Solution to Question number 7 of the Fundamentals of partnership firm chapter DK Goel Book 2022-23 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, 2021 amounted to ₹ 5,40,000. Prepare Profit & Loss Appropriation Account.

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

Solution:-

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