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
Answers
Given : 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.
To Find : The amount of commission payable to Shiv.
Solution:
Shiv is entitled to a commission of 10% on the net profit.
amount of commission payable to Shiv. = (10/100) * net profit.
= net profit. / 10
Net profit for the year is 1,10,000.
=> amount of commission payable to Shiv. =110000/10
=11000
amount of commission payable to Shiv. is 11000
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