Commerce Exam > Commerce Questions > The Partnership Deed provided that Sonu was t...
Start Learning for Free
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.?
Most Upvoted Answer
The Partnership Deed provided that Sonu was to be paid a salary of ` 2...
Calculation of Salary, Commission and Interest on Capital
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a.
- Sonu's Salary: ` 20,000 per month
- Rajat's Commission: 5% on turnover
- Interest on Capital: 8% p.a.
Calculation of Interest on Drawings
Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.
- Sonu's Drawings: ` 20,000 on 1st December, 2017
- Rajat's Drawings: ` 5,000 at the end of each month
- Interest on Drawings: 6% p.a.
Explanation of the Calculation
To calculate the salary of Sonu, we simply multiply ` 20,000 by the number of months he worked. Similarly, to calculate Rajat's commission, we multiply 5% of the turnover by the total turnover. The interest on capital is calculated by multiplying the rate of interest by the capital invested.
For the interest on drawings, we first need to calculate the total amount of drawings made by Sonu and Rajat. We then multiply this amount by the rate of interest on drawings to calculate the total interest charged.
The final calculations can be summarized as follows:
- Sonu's Salary: ` 2,40,000 (12 months x ` 20,000 per month)
- Rajat's Commission: 5% of turnover
- Interest on Capital: 8% p.a.
- Total Drawings: ` 80,000 (Sonu: ` 20,000 + Rajat: ` 60,000)
- Interest on Drawings: ` 4,800 (6% p.a. x ` 80,000)
Therefore, the total amount to be paid to Sonu and Rajat can be calculated as follows:
- Sonu: ` 2,40,000 - ` 20,000 (drawings) + ` 0 (interest on capital) - ` 4,800 (interest on drawings) = ` 2,15,200
- Rajat: Commission on turnover + ` 0 (salary) + ` 0 (interest on capital) - ` 4,800 (interest on drawings) = Commission on turnover - ` 4,800
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a.
- Sonu's Salary: ` 20,000 per month
- Rajat's Commission: 5% on turnover
- Interest on Capital: 8% p.a.
Calculation of Interest on Drawings
Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.
- Sonu's Drawings: ` 20,000 on 1st December, 2017
- Rajat's Drawings: ` 5,000 at the end of each month
- Interest on Drawings: 6% p.a.
Explanation of the Calculation
To calculate the salary of Sonu, we simply multiply ` 20,000 by the number of months he worked. Similarly, to calculate Rajat's commission, we multiply 5% of the turnover by the total turnover. The interest on capital is calculated by multiplying the rate of interest by the capital invested.
For the interest on drawings, we first need to calculate the total amount of drawings made by Sonu and Rajat. We then multiply this amount by the rate of interest on drawings to calculate the total interest charged.
The final calculations can be summarized as follows:
- Sonu's Salary: ` 2,40,000 (12 months x ` 20,000 per month)
- Rajat's Commission: 5% of turnover
- Interest on Capital: 8% p.a.
- Total Drawings: ` 80,000 (Sonu: ` 20,000 + Rajat: ` 60,000)
- Interest on Drawings: ` 4,800 (6% p.a. x ` 80,000)
Therefore, the total amount to be paid to Sonu and Rajat can be calculated as follows:
- Sonu: ` 2,40,000 - ` 20,000 (drawings) + ` 0 (interest on capital) - ` 4,800 (interest on drawings) = ` 2,15,200
- Rajat: Commission on turnover + ` 0 (salary) + ` 0 (interest on capital) - ` 4,800 (interest on drawings) = Commission on turnover - ` 4,800
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.?
Question Description
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.?.
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.?.
Solutions for The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? defined & explained in the simplest way possible. Besides giving the explanation of
The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.?, a detailed solution for The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? has been provided alongside types of The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? theory, EduRev gives you an
ample number of questions to practice The Partnership Deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a.? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup