Question

(c) < 33,333 IULA, 26,667 for B and 20,000 for C
(d) 30,000 each partner
13. 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. Profits before interest on partner's capital was 6,000 and X wanted
interest on capital @ 20% as his capital contributions was 1,00,000 as compared to that of Y
and Z which was 75,000 and 50,000 respectively.
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(a) Profits of 6,000 will be distributed equally with no interest on either capital
(b) X will get the interest of 20,000 and the loss of 14,000 will be shared equally
(c) All the partners will get interest on capital and the loss of * 39,000 will be shared equally
(d) None of the above
24.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. Profits before interest on partner's capital was 6,000 and Z demanded
minimum profit of 5,000 as his financial position was not good. However, there was no written
bor
agreement. Profits to be distributed to X, Y and Z will be
(a) other partners will pay Z the minimum profit and will suffer loss equally
10
(b) other partners will pay Z the minimum profit and will suffer loss in capital ratio
(c) X and Y will take 500 each and Z will take 5,000
2,000 to each of the partners
25. Following are the differences between Capital Account and Current Account except
(a) Capital Account is prepared under fixed capital method whereas current account is prepared
under fluctuating capital method
(b) In capital account only capital introduced and withdrawn is recorded, all other transactions
between the firm and partner is recorded in the current account
such interest is payable on
nil
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