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प्रश्न
On 1st September 2020, twenty students of Modern College started their Partnership Firm in the name of “Be Safe” for selling sanitizers on digital mode. Since they were good friends of each other, they were not having any explicit agreement in place. All of them have agreed to invest ₹ 15,000/- each as capital. The books were closed on 31st March 2021, on which date the following information was provided by the firm:
| PARTICULARS | AMOUNT (₹) |
| Sale of Sanitisers | 1,20,000 |
| Cost of goods sold | 50,000 |
| Total Remuneration to partners | 2,000 per month |
| Rent to a partner | 1,000 per month |
| Manager’s Commission | 5,000 |
| Closing Stock as on March 31,2021 | 9,000 |
| 6% Fixed Deposit (made on 31.3.2021) | 20,000 |
Calculate the amount of profits to be transferred to Profit and Loss Appropriation Account.
विकल्प
Profit ₹ 58,000
Profit ₹ 44,000
Profit ₹ 59,200
Profit ₹ 58,700
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उत्तर
Profit ₹ 58,000
Explanation:
Sales = ₹ 1,20,000
Less: Cost of Goods Sold = ₹ 50,000
Add: Closing Stock = ₹ 9,000
Gross Profit = ₹ 79,000
Partner’s Remuneration (₹ 2,000 × 7 months) = ₹ 14,000
Rent to Partner (₹ 1,000 × 7 months) = ₹ 7,000
Manager’s Commission = ₹ 5,000
Total Expenses = ₹ 26,000
Profit = ₹ 79,000 – ₹ 26,000 = ₹ 58,000
