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Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.
- a)Rs. 78,000.
- b)Rs. 88,000.
- c)Rs. 87,000.
- d)Rs. 76,000.
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Seeta and Geeta are partners sharing profits and losses in the ratio 4...
Given data:
- Profit sharing ratio of Seeta and Geeta is 4:1.
- Meeta is the manager and receives a salary of Rs. 4,000 per month.
- Meeta also receives a commission of 5% on net profits after charging such commission.
- The profits for the year before charging the salary is Rs. 6,78,000.
To find: Total remuneration of Meeta.
Calculations:
1. Calculate the net profits after charging Meeta's salary:
- Meeta's salary for a year = Rs. 4,000 x 12 = Rs. 48,000
- Net profits after charging Meeta's salary = Profits for the year - Meeta's salary = Rs. 6,78,000 - Rs. 48,000 = Rs. 6,30,000
2. Calculate Meeta's commission on net profits:
- Commission = 5% of net profits = 5/100 x Rs. 6,30,000 = Rs. 31,500
3. Calculate Meeta's total remuneration:
- Total remuneration = Meeta's salary + Meeta's commission = Rs. 48,000 + Rs. 31,500 = Rs. 79,500
Therefore, the total remuneration of Meeta is Rs. 79,500.
Answer:
The correct option is A) Rs. 78,000.
Most Upvoted Answer
Seeta and Geeta are partners sharing profits and losses in the ratio 4...
Calculation of Meeta's Total Remuneration:
Given data:
- Profits before charging Meeta's salary = Rs. 6,78,000
- Seeta and Geeta profit-sharing ratio = 4:1
- Meeta's salary = Rs. 4,000 per month
- Meeta's commission = 5% on net profits after charging her salary
Step 1: Calculate Seeta and Geeta's share of profits
- Seeta's share = 4/5 * Total profits = (4/5) * Rs. 6,78,000 = Rs. 5,42,400
- Geeta's share = 1/5 * Total profits = (1/5) * Rs. 6,78,000 = Rs. 1,35,600
Step 2: Calculate Meeta's share of profits
- Meeta's share = Total profits - (Seeta's share + Geeta's share) = Rs. 6,78,000 - (Rs. 5,42,400 + Rs. 1,35,600) = Rs. 6,000
Step 3: Calculate Meeta's commission on net profits
- Meeta's commission = 5% of Meeta's share = 5% of Rs. 6,000 = Rs. 300
Step 4: Calculate Meeta's total remuneration
- Meeta's total remuneration = Salary + Commission = Rs. 4,000 per month + Rs. 300 = Rs. 4,300 per month
- Total remuneration for the year = Rs. 4,300 * 12 months = Rs. 51,600
Therefore, the total remuneration of Meeta for the year is Rs. 51,600. Option 'A' is incorrect as the correct answer is Rs. 51,600.
Given data:
- Profits before charging Meeta's salary = Rs. 6,78,000
- Seeta and Geeta profit-sharing ratio = 4:1
- Meeta's salary = Rs. 4,000 per month
- Meeta's commission = 5% on net profits after charging her salary
Step 1: Calculate Seeta and Geeta's share of profits
- Seeta's share = 4/5 * Total profits = (4/5) * Rs. 6,78,000 = Rs. 5,42,400
- Geeta's share = 1/5 * Total profits = (1/5) * Rs. 6,78,000 = Rs. 1,35,600
Step 2: Calculate Meeta's share of profits
- Meeta's share = Total profits - (Seeta's share + Geeta's share) = Rs. 6,78,000 - (Rs. 5,42,400 + Rs. 1,35,600) = Rs. 6,000
Step 3: Calculate Meeta's commission on net profits
- Meeta's commission = 5% of Meeta's share = 5% of Rs. 6,000 = Rs. 300
Step 4: Calculate Meeta's total remuneration
- Meeta's total remuneration = Salary + Commission = Rs. 4,000 per month + Rs. 300 = Rs. 4,300 per month
- Total remuneration for the year = Rs. 4,300 * 12 months = Rs. 51,600
Therefore, the total remuneration of Meeta for the year is Rs. 51,600. Option 'A' is incorrect as the correct answer is Rs. 51,600.
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Seeta and Geeta are partners sharing profits and losses in the ratio 4...
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Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer?
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Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer?.
Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.a)Rs. 78,000.b)Rs. 88,000.c)Rs. 87,000.d)Rs. 76,000.Correct answer is option 'A'. Can you explain this answer?.
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