Reference no: EM132724338
Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5 : 3 : 2. Their capitals as on 1st April, 2019 were: Kabir-` 5,20,000, Zoravar-` 3,20,000 and Parul-` 2,00,000. The Partnership Deed provided as follows:
(i) Kabir and Zoravar each will get salary of ` 24,000 p.a.
(ii) Parul will get commission of 2% of Sales.
(iii) Interest on capital is to be allowed @ 5% p.a.
(iv) Interest on Drawings is to be charged @ 5% p.a.
(v) 10% of Divisible Profit is to be transferred to General Reserve.
Sales for the year ended 31st March, 2020 were ` 50,00,000. Drawings by each of the partners during the year was ` 60,000. Net Profit for the year was ` 1,55,500.
Problem 1: Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020.
|
BSBLED501 Develop a workplace learning environment
: BSBLED501 Develop a workplace learning environment Assignment Help and Solution, Australian Health and Management Institute - Assessment Writing Service
|
|
Which security that falls below the security market line is
: Which a security that falls below the security market line is? unattractive for a company raising capital. / over-valued for its level of risk
|
|
Compute cash from operating activities under indirect method
: Simon's Used Furniture earned net income of $50,000 during the year. Compute cash from operating activities under the indirect method
|
|
Yield to maturity on bond-saleemi? corporation
: The Saleemi? Corporation's ?$1,000 bonds pay 8 percent interest annually and have 12 years until maturity. You can purchase the bond for ?$915.
|
|
Prepare profit and loss appropriation account for the year
: Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020. Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5 : 3
|
|
Compute cash and cash equivalents
: Kip Company has the following accounts on its balance sheet. Compute cash and cash equivalents - Accounts receivable 30,000
|
|
What are the components of wacc
: What is WAAC in finance and What are the components of WACC?
|
|
How much is the initial cost of the furniture
: On January 1, 20x1, SQUAMOUS SCALY Co. purchased furniture with an installment price of ?520,000, How much is the initial cost of the furniture?
|
|
Are there limitations to the amount of debt
: Are there limitations to the amount of debt?
|