Question

31. Shiv, Mohan and Gopal are partners sharing profits and losses in the ratio of 2:2:1. Shiv is entitled to a
commission of 10% on the net profit. Net profit for the year is 1.10,000
Determine the amount of commission payable to Shiv. Ans.: Commission Payable to Shiv--- 11,000.)​

Answer 1

Given:

Profit sharing ratio of partners Shiv, Mohan and Gopal = 2 : 2 : 1

Commission entitled to Shiv: 10% on net profit.

Net profit = Rs. 1,10,000

To find: Amount of commission payable to Shiv.

Step by Step Explanation:

As Shiv is entitled to a commission of 10% on the net profit,

Amount of commission payable = (10/100) × net profit.

= Net profit / 10

Amount of commission payable to Shiv = 1,10,000/10

= Rs. 11,000

Amount of commission payable to Shiv. is Rs. 11,000.

Answer 2

Answer:

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Given:

Profit sharing ratio of partners Shiv, Mohan and Gopal = 2 : 2 : 1

Commission entitled to Shiv: 10% on net profit.

Net profit = Rs. 1,10,000

To find: Amount of commission payable to Shiv.

Step by Step Explanation:

As Shiv is entitled to a commission of 10% on the net profit,

Amount of commission payable = (10/100) × net profit.

= Net profit / 10

Amount of commission payable to Shiv = 1,10,000/10

= Rs. 11,000

Amount of commission payable to Shiv. is Rs. 11,000.

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