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Question
Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹ 9,20,000. The amount of commission payable to Sumit will be ______.
Options
₹ 1,20,000
₹ 1,38,000
₹ 48,000
₹ 55,200
MCQ
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Solution
Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹ 9,20,000. The amount of commission payable to Sumit will be ₹ 1,20,000.
Explanation:
Commission payable to Sumit = `₹ 9,20,000 xx 15/((100 + 15)) `
` = ₹ 9,20,000 xx 15/115`
= ₹ 1,20,000
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