Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the answer as soon as possible Please be fast and don't waste my turn please within 5 minutes 70. A, B and C

I need the answer as soon as possible image text in transcribed

Please be fast and don't waste my turn please within 5 minutes 70. A, B and C are in partnership. A and B sharing profits in the ratio of 3 : 1 and C receiving an annual salary of 32,000 plus 5% of the profits after charging his salary and commission, or th of the profit of the firm whichever is more. Any excess of the latter over the former received by C is, under the partnership deed, to be borne by A and B in the ratio of 3 : 2. The profit for the year ended 31st March, 2011 came to 1,68,000 after charging C's salary. Show the distribution of profits among the partners

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Michael J. Jones

2nd Edition

0470017791, 978-0470017791

More Books

Students also viewed these Accounting questions