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Salary/Commission

X and Y are p...

Question

X and Y are partners sharing profits and losses in the ratio 4:1. Z was the manager who received the salary of 8,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is 13,56,000 before charging salary. Find the total remuneration of Z

A

152000

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B

174000

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C

176000

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D

156000

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Solution

The correct option is D
156000

Profit = 13,56,000

Salary to Z = 8,00012 = 96,000

Balance profit after salary =13,56,000 - 96,000= Rs 12,60,000

Commission to Z = 12,60,0005/(100+5) = 12,60,000*5/105 = 60,000

Remuneration to Z = 96,000+60,000= Rs 1,56,000

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Similar questions

Q. X and Y are partners sharing profits and losses in the ratio 4:1. Z was manager who received the salary of Rs.8,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 13,56,000 before charging salary. Find the total remuneration of Z?

Q. X and Y are partners in a firm sharing profits in the ratio of 3 :2.They have a manager, Z, who gets Rs.10,0000 salary plus commission of 5% of the profit after charging his salary and commission. Now, they decided to admit Z as a partner, giving him 1/5th share in the profits of the firm. Any excess amount which Z received as a partner (over his salary and commission) will be borne by X. The profit for the year ended 31st Ma 2018 amounted to Rs. 8,40,000 after charging Z's salary. Prepare Profit and Loss Appropriation Account showing the division of profit for the year.

Q. X and Y are partners in a firm sharing profits in the ratio of 3 : 2. The have a manager, Z, who gets ₹ 10,000 p.m. salary plus commission of 5% of the profit after charging his salary and commission, Now, they decide to admit Z as a partner, giving him 1/5th share in the profits of the firm. Any excess amount which Z receives as a partner (over his salary and commission) will be borne by X. The profit for the year ended 31st March, 2018 amounted to ₹ 8,40,000 after charging Z's salary. Prepare Profit and Loss Appropriation Account showing the division of profit for the year.

X

Y

are partners in a firm sharing profits in the ratio of

4 : 1

. They decide to admit

Z

, their manager, as a partner with effect from 1st April, 2017 for

\frac{1}{8} t h

share in profits.

Z

, as a manager, was getting salary of

R s . 8, 000

per month and commission of

5 %

of the net profits after charging such salary and commission.
As per the terms of the Partnership Deed, any excess amount which

Z

shall be entitled to receive as a partner over the amount which have been due to hint as a manager, would be borne by

X

out of his share of profit.
Profit for the year ended 31st March, 2018, amounted to

R s . 13, 56, 000

before salary and commission. Prepare the Profit and Loss Appropriation Account for the period ending 31st March, 2018.

Q. Tom and Harry are partners sharing profits and losses in a ratio of 5 : 4. The net profit for the year is ₹2,40,000 before any appropriations. Tom is entitled for a salary of ₹20,000 p.a, and Harry is entitled for a commission at 5% of the net profit after charging salary and commission. Calculate the amount of commission.

[0.88 marks]

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