Multiple Choice Questions on In a partnership lirm partner A is entitled a monthly salary of 7 500 At the end of the year firm ea........... for Commerce 12th Preparation

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Multiple Choice Questions

In a partnership lirm partner A is entitled a monthly salary of 7 500 At the end of the year firm ea...........

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    In a partnership lirm, partner A is entitled a monthly salary of 7,500. At the end of the year, firm earned a profit of 75,000 after charging T’s salary. If the manager is entitled a commission of 10% on the net profit after charging his commission, Manager’s commission will be :

    7,500

    Incorrect Answer

    16,500

    Incorrect Answer

    8,250

    Incorrect Answer

    15,000

    Correct Answer
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    Explanation:

    - Partner A's Salary: 7,500 X 12 = 90,000.

    - Net Profit before salary = 75,000 + 90000 = 1,65,000

       Manager commission = 1,65,000 X 10/(100+ Rate) = 1,65,000 X 10/110 = Rs 15,000

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