Question 22 Chapter 2 – Unimax Class 12 Part 1
23. A and B are partners in a firm. A is to get a commission of 10% of the net profit before charging way commissions. B is to get a commission of 10% of Net Profit after charging all commissions. Net profit before charging any commission was Rs. 55000. Find out commissions of A and B and Prepare P & L Appropriation A/c.
The solution of Question 23 Chapter 2 – Unimax Class 12 Part 1:
Calculation of Commission Payable to A
10% of Net Profit before charging commission
Rs. 55000 x 10/100 = Rs. 5500
Commission Payable to B
10% of Net Profit after charging all commissions (Rs. 55000 – Rs. 5500) x 10/10
(Rs. 49500 x 10/110) = Rs. 4500
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication