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Question No 36 Chapter No 18
Mutual indebtedness
36.The following balances have been extracted from the books of Miss Mehak as on 31st March 2018
| Ledger Account | (Dr. Rs) | (Cr. Rs) |
| Trading A/c Balance | - | 80,000 |
| Office expenses | 6,000 | - |
| Selling expenses | 8,000 | - |
Adjustments
Calculation of net profit before the commission
| Gross Profit | = | 80,000 |
| Less: office expenses | = | 6,000 |
| Less: selling expenses | = | 8,000 |
| Net profit before commission | = | 66,000 |
(i) manager’s commission is 10% of net profit before charring such commission
| = | 10 | X | 66,000 |
| 100 | |||
| = | 6,600 |
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Manager commission due | 6,600 | ||||
(ii) manager’s commission is 10% of net profit after charring such commission
| = | 10 | X | 66,000 |
| 110 | |||
| = | 6,000 |
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Manager commission due | 6,000 | ||||
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Also, Check out the solved question of all Chapters: –
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)
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 36 Chapter No 18 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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