Question

Anita is entitled to get commission
@ 2% on Gross profit. During the year, the
partnership firm earns 11,20,000
as gross
profit and 95,100 as net profit
fixed Capitol Method
fluctuating Capital Method
​

Answer 1

Answer:  COMM = 22400

JE - (I)FIXED CAP METHOD

                                  COMM A/C - DR   22400

                                        TO ANITA'S CURRENT A/C   22400

         (2) FLUCTUATING  CAP METHOD

                                COMM A/C - DR  22400

                                         TO ANITA'S CAP A/C  22400

Explanation:

                   GP = 1120000 X2/100

                        =  22400