Subjective Questions on X and Y are partners in a firm X is entitled to a salary of Rs 10 000 per month and commission ........... for Commerce 12th Preparation

Accountancy ( 12th)

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    X and Y are partners in a firm. X is entitled to a salary of Rs 10,000 per month and commission of 10% of the net profit after partners' salaries but before charging commission. Y is entitled to a salary of Rs 25,000 p.a. and commission of 10% of the net profit after charging all commission and partners' salaries. Net profit before providing for partners' salaries and commission for the year ended 31st March, 2019 was Rs 4,20,000. Show distribution of profit.   (3 marks)

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