29. X, Y and Z are partners in a firm. At the time of division of profit for the year,
there was dispute between the partners. Profit before interest on partner's
capital was 6,000 and Y determined interest @24% p.a. on his loan of
*80,000. There was no agreement on this point. Calculate the amount payable
to X, Y and Z respectively.
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Answer:
Rs.400 for X,
Rs. 5,200 for Y and
Rs. 400 for Z
Explanation:
In the absence of partnership deed, Interest on loan at 6% will be calculated and also profit will be shared equally.
Interest on loan = 80000*6/100 = 4800.
Profit available for distribution = 6000 - 4800 = 1200
Profit distributed = 1200/ 3 = 400.
Share of X = 400.
Share of Y = 400+4800 = 5200
share of Z = 400.
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