Q515
X and Y are partners in a firm. X is entitled to a salary of Rs. 2,000 per month together with a commission of 10% of net profit before chargin any commission. Y is entitled to a salary of Rs. 5000 per annum together with a commission of 10% of net profit after charging all commissions. Net profit before charging any commission for the year was Rs. 55,000. What will be the net profits to be distributed to X and Y respectively?
A.
Rs. 20,000 and Rs. 2,30,000
B.
Rs. 2,15,000 and Rs. 23,500
C.
Rs. 22,000 and Rs. 22,500
D.
Rs. 22,350 and Rs. 22,450
E.
Rs. 22,500 and Rs. 22,500
AnswerAnswer: Option E
Solution
Answer: Option E
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