Class 12th Account chapter 1 question 36 solution (ts grewal)

36. X and Y are partners in a firm. X is entitled to a salary of ₹ 1,000 p.m. and commission @ 10% of the profit after partners’ salaries but before charging such commission. The profit for the year is ₹ 25,000 p.a. and commission of 10% of the net profit.

Net profit before providing for partners’ salaries and commission was ₹ 1,40,000.