Please help
This query is : Resolved
30 November 2013
Seetha and geetha are partners sharing profits and losses in the ratio 4:1.Meeta was manager who received the salary of 4000 p.m.in addition to a commission of 5% on net profits after charging such commission.Profit for the year is 678000 before charging salary.Find total remuneration of meetha?
a)78000 b)88000 c)87000 d)76000
The answer given in the ICAI material is 78000. Can you anyone help me for this calculation.
a)78000 b)88000 c)87000 d)76000
The answer given in the ICAI material is 78000. Can you anyone help me for this calculation.
30 November 2013
Dera Vidya,
the answer is to be calculated as follows:
Salary Rs 48000
Profit after salary: Rs 630,000
Commission @ 5% on net profits after charging such commission: Rs 630,000*5/105
= rs 30000
remuneration paid to meetha: Rs 48,000 + Rs 30,000 = Rs 78,000
the answer is to be calculated as follows:
Salary Rs 48000
Profit after salary: Rs 630,000
Commission @ 5% on net profits after charging such commission: Rs 630,000*5/105
= rs 30000
remuneration paid to meetha: Rs 48,000 + Rs 30,000 = Rs 78,000
30 November 2013
Salary = Rs 4,000 x 12 months = 48,000
(Profit (excl.salary)=Rs 6,30,000
(Rs 6,78,000-48,000)
(+)
Commision (Rs 6,30,000 x 5/105) 30,000
---------
Rs 78,000
---------
(Profit (excl.salary)=Rs 6,30,000
(Rs 6,78,000-48,000)
(+)
Commision (Rs 6,30,000 x 5/105) 30,000
---------
Rs 78,000
---------
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