Question

1. Land M are partners in a firm. L capital is Rs.70,000 and M Capital is Rs.50.000. Firm's profit is Rs.60,000. M share in profit will be?​

Answer 1

Given data:

• L and M are partners in a firm.
• L's capital is Rs 70,000 and M's capital is Rs 50,000.
• The profit for the year is Rs 60,000.

To find: M's share in profit.

Answer:

Since there is no specific ratio as to how the partners are sharing their profits and losses, it is assumed that they share it equally.

Since there are 2 partners, the profit will need to be divided by 2.

Calculation of profit distribution:

For L:

• Profit share = Rs 60,000 ÷ 2 = Rs 30,000

For M:

• Profit share = Rs 60,000 ÷ 2 = Rs 30,000

Therefore, M's share in profit is Rs 30,000.

When the partnership deed is silent, or when there is no ratio mentioned in the question, the profits and losses must be distributed equally among the partners.

This is how it would look like in a Profit & Loss Appropriation Account.

Answer 2

→ Hey Mate,

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→ Given Question:-

→ Land M are partners in a firm. L capital is Rs.70,000 and M Capital is Rs.50.000. Firm's profit is Rs.60,000. M share in profit will be?

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→ To Find:-

→ M share in profit will be?

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→ Solution:-

→ Calculation:-

⇒ Profit share = Rs 60,000 ÷ 2

⇒  = Rs 30,000         [ ∵ For L ]

⇒ Profit share = Rs 60,000 ÷ 2

⇒ = Rs 30,000          [ ∵ For M ]

⇒ ∴ M"s share in profit is Rs 30,000.

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→ Similar Question:-

→ M and S are partners in a firm. M Capital is Rs. 80,000 and S Capital is Rs 30,000.  Firm's profit is Rs 90,000. S share in profit will be?

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