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A and B are in partnership sharing profits and losses in the ratio of 3 : 2. They admit C, their Manager, as a partner with effect from 1st April, 2018, for 1/4th share of profits.
C, while a Manager, was in receipt of a salary of 27,000 p.a. and a commission of 10% of the net profits after charging such salary and commission.
In terms of the Partnership Deed, any excess amount, which C will be entitled to receive as a partner over the amount which would have been due to him if he continued to be the manager, would have to be personally borne by A out of his share of profit. Profit for the year ended 31st March, 2019 amounted to 2,25,000. You are required to show Profit and Loss Appropriation Account for the year ended 31at March, 2019.
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