Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sita and gita are partner in a firm. They have not entered into partnership deed but had agreed on following. Salary will be paid to

Sita and gita are partner in a firm. They have not entered into partnership deed but had agreed on following.

Salary will be paid to Harry@10000 p.m.

Gita will get commission@10%of net profit.

Interest will be allow on capital@ 10% p.a .

Interest will be charged on drawing@10% p.a

Partner capital 150000 and 200000 and profit of the year 507050 . Calculate net appropriation of the partner.

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

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

25th Edition

1260247988, 978-1260247985

More Books

Students also viewed these Accounting questions