[CBSE] Q. 36 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 36 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

X and Y are partners in a firm. X is entitled to a salary of ₹ 10,000 per month and a commission of 10% of the net profit after the partner’s salaries but before charging the commission. Y is entitled to a salary of ₹ 25,000 p.a. and a commission of 105 of the net profit after charging all commission and partner’s salaries. Net Profit before providing for partner’s salaries and commission for the year ended 31st March 2023 was ₹ 4,20,000. Show distribution of profit.

[Ans: X’s Commission – ₹ 27,500; Y’s Commission – ₹ 22,500; Net Profit – ₹ 2,25,000; S X and Y’s Share – ₹ 1.12,500 each.]

[Hint: Y’s Commission – 10/110 of ₹ 2,47,500 (i.e., ₹ 4,20,000 – ₹ 1,20,000 (X’s Salary) – ₹ 25,000 (Y’s Salary) – ₹ 27,500 (X’s Commission)).]

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