A and B are partners and sharing profits equally. As per the terms of the partnership deed A is to get a commission of 10% of the net profits before charging any commission and B is to get a commission of 10% on the net profit after charging all commissions. The net profits for the year ended 31st March 2015, (before charging any commission) was $ 11,00,000. Showing the computation of commission to partners, prepare Profit and Loss Appropriation Account.

A and B are partners and sharing profits equally. As per the terms of the partnership deed A is to get a commission of 10% of the net profits before charging any commission and B is to get a commission of 10% on the net profit after charging all commissions. The net profits for the year ended 31st March 2015, (before charging any commission) was $ 11,00,000. Showing the computation of commission to partners, prepare Profit and Loss Appropriation Account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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