X, Y and Z are partners sharing profits and lossed equally. As per partnership Deed, Z is entitled to a commission of 10% on the net profit after charging such commission. The net profit before charging commission is $220,000. Determine the amount of commission payable to Z.
X, Y and Z are partners sharing profits and lossed equally. As per partnership Deed, Z is entitled to a commission of 10% on the net profit after charging such commission. The net profit before charging commission is $220,000. Determine the amount of commission payable to Z.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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X, Y and Z are partners sharing
The net profit before charging commission is $220,000.
Determine the amount of commission payable to Z.
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