Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 25 Chapter No 16 - Unimax Class 11
The profit earned by a firm before allowing the Manager’s commission is ₹ 99,000 and the manager is entitled to a commission of 10% on net profit after charging such commission. Give the journal entry and show how it will final accounts.
Journal
| Date | Particulars |
Debit | Credit | ||||
|---|---|---|---|---|---|---|---|
| Manager’s commission A/c | Dr. | 9,000 | |||||
| To Outstanding commission A/c | 9,000 | ||||||
| (Being commission on due to the Manager) | |||||||
| Profit & Loss A/c | Dr. | ,9,000 | |||||
| To Manager’s commission A/c | 9,000 | ||||||
| (Being manager’s commission charged) | |||||||
| Profit & Loss A/c For the year ended………… |
|||||
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Manager’s commission | 9,000 | ||||
| (99,000*10/100) | |||||
| Balance Sheet | |||||
| Liabilities | Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Outstanding commission | 9,000 | ||||
thanks, Please Like and share with your friends
Comment if you have any Doubts.
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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 no 25 Chapter No 16 - Unimax Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 25 Chapter No 16 - Unimax Class 11" instantly.
