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X and Y are partners in a firm X is entitled...

This question belongs to Commerce Accounting
Accounting
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X and Y are partners in a firm. X is entitled to a salary of Rs. 2,000 per month together with a commission of 10% of net profit before chargin any commission. Y is entitled to a salary of Rs. 5000 per annum together with a commission of 10% of net profit after charging all commissions. Net profit before charging any commission for the year was Rs. 55,000. What will be the net profits to be distributed to X and Y respectively?

Answer & Solution
Correct Answer: Option E
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2 Comments
Muhammad Tayyab
Muhammad Tayyab 3 years ago
Answer should be
X=29500
Y=9950
Sohail Asghar
Sohail Asghar 3 years ago
Correct answer is 29500, and 9950
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