A,B,C are partners with capital ₹50009,₹40000and ₹30000 carrying on business in partnership . The firm's reported profit for the year was ₹80000. As per provision of the Indian partnership a t ,1932 find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of 20000 in addition to his capital contribution.
a. ₹26,267 for partner B and C and 27,466 for partner A
b. 26,667 each partner
c. ₹33,333 for A 26667 for B and 20000 for C
d. 30000 each partner
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ANSWERProfit after charging interest = Profit before charging interest - Interest on loan
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000Profit for A = RS-26,000 + RS-1,200
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000Profit for A = RS-26,000 + RS-1,200 = RS-27,200.
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000Profit for A = RS-26,000 + RS-1,200 = RS-27,200. Note:-.
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000Profit for A = RS-26,000 + RS-1,200 = RS-27,200. Note:-. 1) When there is no mention about the profit sharing ratio among partners its assumed to be equal.
ANSWERProfit after charging interest = Profit before charging interest - Interest on loan = RS-79,200 - 1,200 = RS-78,000.Profit distribution among partners = RS-78,000/3 = RS-26,000.Profit for B and C = RS-26,000Profit for A = RS-26,000 + RS-1,200 = RS-27,200. Note:-. 1) When there is no mention about the profit sharing ratio among partners its assumed to be equal.2) If there is no agreement or no provision regarding interest on loan in the agreement then the interest will be charged @ 6% p.a.
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