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Question 21 Chapter 2 - Unimax Class 12 Part 1
21. (a) A and B are partners in a firm. A is entitled to a salary of Rs. 3000 per month together with a commission of 10% of Net Profits before charging any commission. Net profit before charging any salary and commission for the year 2021 was Rs. 96000. Show distribution of profits.
(b) Also show distribution of profits if A is entitled to a salary of Rs. 2500 per month together with a commission of 10% of net profit after charging such commission in above case.
Profit & Loss Account For the year ended ....
| Particulars | Rs. | Particulars | Rs. | |
|---|---|---|---|---|
| To A’s Capital - Salary (3000 x 12) | 36000 | By Net Profit | 96000 | |
| To Commission (60000 x 10%) | 6000 | |||
| To Net Profit transferred to Capital A/c | ||||
| - A | 27000 | |||
| - B | 27000 | 54000 | ||
| 96000 | 96000 |
Profit & Loss Account For the year ended……
| Particulars | Rs. | Particulars | Rs. | |
|---|---|---|---|---|
| To A’s Capital (Salary) (2500 x 12) | 30000 | By Net Profit | 96000 | |
| To Commission (66000 x 10/110) | 6000 | |||
| To Net Profit transferred to capital A/c | 60000 | |||
| - A | 30000 | |||
| - B | 30000 | |||
| 96000 | 96000 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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