Class 12th Account chapter 1 question 35 solution (ts grewal)

35. A, B, C and D are partners in a firm sharing profits in the ratio of 3 : 3 : 2 : 2. The net profit of the firm is ₹ 1,80,000 for the year ended 31st March, 2024. A is entitled to commission @ 20% of the profit after charging the commission.

You are required to show appropriation of profits.

[Ans.: Commission to A = ₹ 30,000 which will be shared by all partners in profit-sharing ratio.