Question

partner are entitled to get commission @1% each on gross profit ( gross profit-99000)​

Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION A/C

                                          (for the year ended 31st March, 2018)

Dr.                                                                                                                      Cr.

Particulars Amount Particulars Amount To Partner's Salary a/c

- X (10000*12)

- Y

120000

25000 By Net Profit a/c420000 To Partner's Commission a/c

- X

- Y

27500

22500   To Profit transferred to:

- X's Capital a/c

- Y's Capital a/c

112500

112500    420000 420000 Working Note: 

Calculation of partner's commission:

Commission to X= Profit after partner's salary but before charging such commission

Profit after salary= 420000-145000

                            = 275000

X's commission= 275000* 10/100

                          = 27500

Commission to Y= Profit after partner's salary and commission

Profit after salary and commission= 420000-145000-27500

                                                          = 247500

Y's commission= 247500 * 10/110

                          = 22500

I hope this helps you

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