[ISC] Q. 45 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 45 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Namrata and Sujata are partners in a firm. Namrata is to get commission of 10% of Net Profit before charging any commission. Sujata is to get commission of 10% on Net Profit after charging all commissions. Net Profit before charging any commission was55,000.

You are required to calculate commission of Namrata and Sujata and also give adjusting and closing entries for commission.

Solution:-