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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    Seeta and Geeta are partners sharing profits and losses in the ratio 4 : 1. Meeta was manager who received the salary of Rs.4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profit for the year is Rs.6,78,000 before charging salary. Find the total remuneration of Meeta.

    A) Rs.78,000            

    B) Rs.88,000

    C) Rs.87,000             

    D) Rs.76,000

    Correct Answer: A

    Solution :

    [a] Rs.78,000                                                      (Rs.)
    Hint:  salary (4,000 \[\times \] 12)                             = 48,000
    Commission (6,78,000-48,000) \[\times \frac{5}{105}\]   = 30,000
    Total Remuneration                                       = 78,000


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