Question 21 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 21 Chapter 2 - Unimax Class 12 Part 1 - 2021

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 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.

The solution of Question 21 Chapter 2 – Unimax Class 12 Part 1: 

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

https://tutorstips.com/not-for-profit-organisations/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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