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Question No 24 Chapter No 16 - Unimax Class 11
The profit earned during the year 2019-2020 by the firm before allowing the Manager’s commission is ₹ 80,000 and the manager is entitled to a commission of 10% on Net profit before charging his commission. Give the journal entry and show how it will appear in final accounts.
Journal
| Date | Particulars |
Debit | Credit | ||||
|---|---|---|---|---|---|---|---|
| 31.3.2020 | Manager’s commission A/c | Dr. | 8,000 | ||||
| To Outstanding commission A/c | 8,000 | ||||||
| (Being commission on due to the Manager) | |||||||
| 31.3.2020 | Profit & Loss A/c | Dr. | 8,000 | ||||
| To Manager’s commission A/c | 8,000 | ||||||
| (Being manager’s commission charged) | |||||||
| Profit & Loss A/c |
||||
| Particulars |
Amount | Particulars | Amount | |
|---|---|---|---|---|
| To Manager’s commission | 8,000 | |||
| (80,000 x10/100) | ||||
Balance Sheet As on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Outstanding commission | 8,000 | ||||
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Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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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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