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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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The partnership deed says A will receive commission of (2%) on sales. Sales are (₹1000000) and net profit is (₹140000). What is the accounting treatment of commission?

Answer and explanation

Correct answer: (₹20000) as expense in profit and loss account

Commission on sales is not based on profit, so it is a business expense. Amount is (1000000\times2%=₹20000).

Related tags

Partnership Adjustments Commission On Sales Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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