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प्रश्न
| A and B are partners with Capitals of ₹ 10,00,000 and ₹ 6,00,000 respectively. Interest on Capital is agreed @ 5% p.a. B is to be allowed a salary of ₹ 10,000 per month. During the year 2023–24, the profits prior to the calculation of interest on capital but after charging B's salary amounted to ₹ 3,00,000. Manager is to be allowed a commission of 5% of the profit after charging such commission. |
Based on the above information you are required to answer the following question:
Manager's Commission will amount to ______.
विकल्प
₹ 21,000
₹ 20,000
₹ 8,571
₹ 16,190
MCQ
रिक्त स्थान भरें
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उत्तर
Manager's Commission will amount to ₹ 20,000.
Explanation:
| Dr. | PROFIT AND LOSS ACCOUNT | Cr. | |
| Particulars | ₹ | Particulars | ₹ |
| To Manager's Commission (5/105 of 4,20,000) |
20,000 | By Profit for the year (being profit before B's Salary) (₹3,00,000 + ₹1,20,000) |
4.20,000 |
| To Net Profit transferred to Profit & Loss Appropriation A/c | 4,00,000 | ||
| 4,20,000 | 4,20,000 | ||
Manager's Commission will be calculated before any appropriations i.e., before charging partner's (B's) salary.
| Dr. | PROFIT AND LOSS APPROPRIATION ACCOUNT | Cr. | ||
| Particulars | ₹ | ₹ | Particulars | ₹ |
| To B's Salary | 1,20,000 | By Profit & Loss A/c | 4,00,000 | |
| To Interest on Capital | ||||
| A: 5% on 10,00,000 | 50,000 | |||
| B: 5% on 6,00,000 | 30,000 | 80,000 | ||
| To Profit transferred to: | ||||
| A's Capital A/c (1/2) | 1,00,000 | |||
| B's Capital A/c (1/2) | 1,00,000 | 2,00,000 | ||
| 4,00,000 | 4,00,000 | |||
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