Question 38 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-38 - CH-2 - Usha +2 Book 2018 - Solution

Question 38 Chapter 2 of +2-Part-1

38. (Treatment of salary & commission) Fat and Thin are partners in a firm 3:2 ratio. Fat gets a salary of Rs.5,000 p.m. and 10% commission on net profit before charging any commission. Thin is to get 8% commission after charging all commission and salary. Net profit before charging salary and commission was Rs.1,80,000.
Show the distribution of profits.

The solution of Question 38 Chapter 2 of +2 Part-1: –

Day - 41 | Questions of Partners Salary, Commission & Fees | Partnership - I Accounts class 12 |

 Profit and Loss Account A/c Particulars Amount Particulars Amount To Commission: By Profit & Loss a/c (profit for the year) 1,80,000 – Fat @10% on (1,80,000-60,000) 12,000 – Thin @8% on 1,08,000 (i.e. (1,80,000-60,000-12,000*8/108) 8,000 To Salary – Fat 60,000 To Net profit transferred to: -Fat (3/5) 60,000 -Thin (2/5) 40,000 1,00,000 1,80,000 1,80,000

Working Note:-

Calculation of Thin’s Commission :

= Net Profit before Commission x Rate of Commission / 100 + Rate of Commission
Profit after all Appropriations After Commission
= ₹ 1,80,000 – ₹ 60,000 – ₹ 12,000
= ₹ 1,08,000

= ₹ 1,08,000 x 8 / 108

= ₹ 8,000

Comment if you have any questions.

End of Solution

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Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Check out Part 2 of both books.

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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication