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Read the hypothetical text and answer the following questions.Aman and Boman are partners sharing profits equally. Business is being carried from the property owned by Aman on a yearly rent of ₹ 24,000. Aman is to get salary of ₹ 1,20,000 p.a. and Boman is to get commission @ 5% on net sales, which during the was ₹ 30,00,000. Profits for the year ended 31st March, 2019 before providing rent was ₹ 5,00,000 Q1. What is the amount of commission payable to Boman?a) ₹ 1,50,000 b) ₹ 2,00,000 c) ₹ 1,20,000 d) ₹ 1,00,000 Q2. What is the profit after charging rent? a) ₹ 4,00,000b) ₹ 3,00,000 c) ₹ 4,76,000 d) ₹5,00,000 Q3. What is the total distributable profit? a) ₹ 1,06,000 b) ₹ 2,06,000 c) ₹ 1,00,000 d) ₹ 2,00,000 Q4. What is the amount of profit to be credited to Aman’s capital account? a) ₹ 1,00,000 b) ₹ 1,03,000 c) ₹ 1,02,000 d) ₹ 1,05,000 |
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Answer» Correct option is 1 a) ₹ 4,500 2 c) ₹ 6,000 3 b) ₹ 1,02,500 4 b) ₹ 11,250 |
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