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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?
Most Upvoted Answer
Seeta and Geeta are partners sharing profits and losses in the ratio 4...
4000×12=48000678000- 48000=630000630000×5÷105(after charging such commission = net profit ×rate÷100+rate)Commission =3000030000+48000= 78000
Community Answer
Seeta and Geeta are partners sharing profits and losses in the ratio 4...
To find the total remuneration of Meeta, we need to calculate her salary and commission separately.
Given:
Profit before charging salary = Rs. 6,78,000
Profit sharing ratio of Seeta and Geeta = 4:1
Step 1: Calculate the total profit shared by Seeta and Geeta
Total profit = Rs. 6,78,000
The ratio of Seeta's share to Geeta's share = 4:1
Let the common ratio be x.
So, Seeta's share = 4x and Geeta's share = 1x
Total ratio = 4x + 1x = 5x
Now, 5x = Total profit
=> x = Total profit / 5 = 6,78,000 / 5 = Rs. 1,35,600
Seeta's share = 4x = 4 * 1,35,600 = Rs. 5,42,400
Geeta's share = 1x = 1 * 1,35,600 = Rs. 1,35,600
Step 2: Calculate Meeta's commission
Meeta's commission = 5% of net profits after charging her commission
Net profit after charging Meeta's salary = Total profit - Meeta's salary
Net profit = Rs. 6,78,000 - Rs. 4,000 = Rs. 6,74,000
Meeta's commission = 5% of net profit = 5/100 * 6,74,000 = Rs. 33,700
Step 3: Calculate Meeta's total remuneration
Meeta's total remuneration = Meeta's salary + Meeta's commission
= Rs. 4,000 + Rs. 33,700 = Rs. 37,700
Therefore, the total remuneration of Meeta is Rs. 37,700.
The correct answer is not mentioned in the given options.
Given:
Profit before charging salary = Rs. 6,78,000
Profit sharing ratio of Seeta and Geeta = 4:1
Step 1: Calculate the total profit shared by Seeta and Geeta
Total profit = Rs. 6,78,000
The ratio of Seeta's share to Geeta's share = 4:1
Let the common ratio be x.
So, Seeta's share = 4x and Geeta's share = 1x
Total ratio = 4x + 1x = 5x
Now, 5x = Total profit
=> x = Total profit / 5 = 6,78,000 / 5 = Rs. 1,35,600
Seeta's share = 4x = 4 * 1,35,600 = Rs. 5,42,400
Geeta's share = 1x = 1 * 1,35,600 = Rs. 1,35,600
Step 2: Calculate Meeta's commission
Meeta's commission = 5% of net profits after charging her commission
Net profit after charging Meeta's salary = Total profit - Meeta's salary
Net profit = Rs. 6,78,000 - Rs. 4,000 = Rs. 6,74,000
Meeta's commission = 5% of net profit = 5/100 * 6,74,000 = Rs. 33,700
Step 3: Calculate Meeta's total remuneration
Meeta's total remuneration = Meeta's salary + Meeta's commission
= Rs. 4,000 + Rs. 33,700 = Rs. 37,700
Therefore, the total remuneration of Meeta is Rs. 37,700.
The correct answer is not mentioned in the given options.
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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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct 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 Meetaa)Rs. 78,000b)Rs. 88,000c)Rs. 87,000d)Rs. 76,000Correct answer is option 'A'. Can you explain this answer?.
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