Practicing Success
Raj and Seema started a partnership firm on 1st July 2020. They agreed that Seema was entitled to a commission of 10% of the net profit after charging Raj’s salary of ₹ 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March 2021 was ₹ 337500. Calculate Seema's commission? |
₹30000 ₹20000 ₹29872 ₹29772 |
₹30000 |
The correct answer is option 1- ₹30000. Net profit before salary and commission = ₹ 337,500 As partnership is started on 1st July so there are only 3 quarters. |