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P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary?
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P,q and r are in partnership. p and q sharing profit in the ratio of 3...
Partnership Details:
- P and Q share profits in the ratio of 3:1.
- R receives an annual salary of ₹1,60,000.
- R also receives a 5% commission on profits after deducting the salary and commission or profit share of 1/4th, whichever is higher.
- Any excess amount is borne by P and Q in the ratio of 3:2.
Calculation of R's Salary:
R's salary consists of two components:
1. Fixed Salary: ₹1,60,000 per year.
2. Commission: 5% of profits after deducting the salary and commission or profit share of 1/4th, whichever is higher.
Calculation of Profit:
Total profit of the year 2004 is given as ₹8,40,000 after deducting R's salary. Therefore, the remaining profit available for distribution among the partners is ₹8,40,000 - ₹1,60,000 = ₹6,80,000.
Calculation of R's Commission:
1/4th of the profit share of P and Q = 1/4 * ₹6,80,000 = ₹1,70,000
Commission payable to R is the higher of the above amount or 5% of the remaining profit after deducting R's salary.
Commission payable to R = Max(₹1,70,000, 5% * (₹6,80,000 - ₹1,60,000))
Distribution of Remaining Profit:
The remaining profit available for distribution is the total profit (₹6,80,000) minus R's salary and commission.
Calculation of P's and Q's Share:
P and Q share the remaining profit in the ratio of 3:1. Let the shares be 3x and x respectively.
3x + x = Remaining Profit
4x = Remaining Profit
x = Remaining Profit / 4
Calculation of Excess Amount:
If the remaining profit is not enough to cover R's salary and commission, the excess amount is borne by P and Q in the ratio of 3:2.
Excess Amount = (R's salary + R's commission) - Remaining Profit
Summary:
- The total profit of the year 2004 is ₹8,40,000.
- R's salary is ₹1,60,000 per year.
- R receives a commission of either 1/4th of P and Q's profit share or 5% of the remaining profit after deducting R's salary, whichever is higher.
- The remaining profit after deducting R's salary and commission is distributed between P and Q in the ratio of 3:1.
- If there is any excess amount after deducting R's salary and commission, it is borne by P and Q in the ratio of 3:2.
- P and Q share profits in the ratio of 3:1.
- R receives an annual salary of ₹1,60,000.
- R also receives a 5% commission on profits after deducting the salary and commission or profit share of 1/4th, whichever is higher.
- Any excess amount is borne by P and Q in the ratio of 3:2.
Calculation of R's Salary:
R's salary consists of two components:
1. Fixed Salary: ₹1,60,000 per year.
2. Commission: 5% of profits after deducting the salary and commission or profit share of 1/4th, whichever is higher.
Calculation of Profit:
Total profit of the year 2004 is given as ₹8,40,000 after deducting R's salary. Therefore, the remaining profit available for distribution among the partners is ₹8,40,000 - ₹1,60,000 = ₹6,80,000.
Calculation of R's Commission:
1/4th of the profit share of P and Q = 1/4 * ₹6,80,000 = ₹1,70,000
Commission payable to R is the higher of the above amount or 5% of the remaining profit after deducting R's salary.
Commission payable to R = Max(₹1,70,000, 5% * (₹6,80,000 - ₹1,60,000))
Distribution of Remaining Profit:
The remaining profit available for distribution is the total profit (₹6,80,000) minus R's salary and commission.
Calculation of P's and Q's Share:
P and Q share the remaining profit in the ratio of 3:1. Let the shares be 3x and x respectively.
3x + x = Remaining Profit
4x = Remaining Profit
x = Remaining Profit / 4
Calculation of Excess Amount:
If the remaining profit is not enough to cover R's salary and commission, the excess amount is borne by P and Q in the ratio of 3:2.
Excess Amount = (R's salary + R's commission) - Remaining Profit
Summary:
- The total profit of the year 2004 is ₹8,40,000.
- R's salary is ₹1,60,000 per year.
- R receives a commission of either 1/4th of P and Q's profit share or 5% of the remaining profit after deducting R's salary, whichever is higher.
- The remaining profit after deducting R's salary and commission is distributed between P and Q in the ratio of 3:1.
- If there is any excess amount after deducting R's salary and commission, it is borne by P and Q in the ratio of 3:2.
Community Answer
P,q and r are in partnership. p and q sharing profit in the ratio of 3...
Refer DK goel, u'll find some similar questions
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P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary?
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P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary?.
P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary?.
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P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary?, a detailed solution for P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? has been provided alongside types of P,q and r are in partnership. p and q sharing profit in the ratio of 3:1 and r receiving an annual salary of ₹ 1,60,000 plus 5% commission of the profits after charging such salary and commission or profit share of 1/4 th which ever is higher. any excess amount than before will be borne by p and q in the ratio of 3:2 the profit of the year 2004 was ₹ 8,40,000 after charging R's salary? theory, EduRev gives you an
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