CBSE 2023 · Region 5 · Set 3 · Q8

Amit, Sumit and Kiara are partners sharing profits and losses in the ratio $\displaystyle 2$ : $\displaystyle 2$ : 1. Sumit is entitled to a commission of $\displaystyle 15$% on the net profit after charging such commission. The net profit before charging commission is ₹ $\displaystyle 9,20$,000. The amount of commission payable to Sumit will be :

OR

P, Q and R are partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. For the year ended 31st March, $\displaystyle 2022$, interest on capital was credited to them @ $\displaystyle 10$% p.a. instead of $\displaystyle 5$% p.a. Their fixed capitals were ₹ $\displaystyle 2,00,000$, ₹ $\displaystyle 1,00,000$, ₹ $\displaystyle 50,000$ respectively. The necessary adjustment entry to rectify the error will be : JOURNAL Debit Credit Particulars Amt. ct) Amt. (f)