FUNDAMENTALS OF PARTNERSHIP | MANAGER'S COMMISSION | When Interest on Capital is a Charge | Class 12
The following questions are discussed in the video: Q: Aman and Boman are partners sharing profits equally. Business is being carried from the property owned by Aman on a yearly rent of {24,000. Aman is to get salary of R 1,20,000 p.a. and Boman is to get commission @ 5% of net sales, which during the year was © 30,00,000. Profit for the year ended 31st March, 2023 before providing for rent was £ 5,00,000. Q: Moli and Bholi contribute ₹ 20,000 and ₹ 10,000 respectively towards capital. They decide to allow interest on capital @ 6% p.a. Their respective share of profits is 2 : 3 and the net profit for the year is ₹ 1,500. Show distribution of profits: (i) where there is no agreement except for interest on capitals; and (ii) where there is an agreement that the interest on capital as a charge. Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2023. Q: X and Y are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 80,000 and ₹ 60,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹ 6,000 which has not been withdrawn. Profit for the year ended 31st march, 2018 before interest on capital but after chargingY's salary amounted to ₹ 24,000. A provision of 5% of the profit is to be made in respect commission to the manager. Prepare an account showing the allocation profits. ========= Want to join LIVE ONLINE BATCHES for 2022-23 session? Fill the form here: https://bit.ly/target100vcc ========= Want to cover full syllabus for +1 and +2 exams with Vidushi mam? Now you can! Get the VCC ANDROID APP here: https://bit.ly/VidushiApp or simply download "Vidushi Commerce Classes" App from Android play store. If you use iOS, then follow the following steps: 1. Download the "Classplus" app 2. Enter org code - "qoumg" 3. That's it, you will be directed to the Vidushi Commerce Classes App Coupon Code SPRING will give a Rs. 1000 discount to any student till March 31st. ========= Want to increase your knowledge of BUSINESS, TECHNOLOGY & STARTUPS in an interesting way? Check out our new YouTube channel here: / @passionateandcurious ========= Instagram: / instavidushi Facebook: https://fb.com/VCCGlobal Telegram: https://t.me/VidushiCommerceClasses Rate Us on Google: https://goo.gl/maps/VDECWAzCc4u59Q869 ======== Vidushi Ma'am is a Chartered Accountant (CA) and Company Secretary (CS) by qualification. She studied B.Com (H) at Shri Ram College of Commerce, University of Delhi and "Business Analysis and Valuation" at London School of Economics, U.K. She runs a commerce academy in Chandigarh, India and has been teaching for 8 years now. A little bit about her academy: Vidushi Commerce Classes is located in Chandigarh and is the place to be "The Best YOU can be". Our Academy is an innovative and inclusive institution, committed to delivering high-quality education while grooming our students holistically. We offer a technologically advanced learning to deliver a comprehensive, result-oriented learning environment. #CommerceQueen #VCC #Target100VCC#class12thaccounts#class12thaccountancy#class12thfundamentalsofpartnership
