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Question 40 Chapter 2 of +2-Part-1
40. (Journal Entries for Commission) Pass Journal Entries for the following
(a) Commission @5% payable to partner Mohan on profits before charging his commission. Profits are Rs.50,000.
(b) Commission @7% payable to partner Geeta on profits after charging his commission. Profits before commission are Rs.2,14,000.
(c) Fees Rs.2,500 p.m. is payable to partner Kanika.
Also, show relevant entries of transfers to Profit and Loss Appropriation a/c.
Journal
| Date | Particulars |
L.F | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Commission A/c | Dr. | 2,500 | ||
| To Mohan’s Capital A/c | 2,500 | ||||
| (Being commission due) | |||||
| b) | Commission A/c | Dr. | 14,000 | ||
| To Geeta’s Capital A/c | 14,000 | ||||
| (Being commission due i.e. 7/107*2,14,000) | |||||
| c) | Fees A/c | Dr. | 30,000 | ||
| To Kanika’s Capital A/c | 30,000 | ||||
| (Being fees payable) | |||||
| d) | Profit and Loss Appropriation A/c | Dr. | 46,500 | ||
| To Commission A/c | 16,500 | ||||
| To Fees A/c | 30,000 | ||||
| (Being expenses transferred to Profit and loss appropriation account ) | |||||
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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.
This guide covers "Question 40 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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