Question

Q. 11. A, B and C entered into partnership on 1st April 2017 with capitals of
310,00,000, 8,00,000 and 35,00,000 respectively. On 1st July 2017, B advanced
32,00,000 and on 1st December 2017 C advanced $1,00,000 by way of loans to the
firm.
The Profit and Loss Account for the year ended 31.3.2018 disclosed a profit of
37,70,000 but the partners could not agree upon the rate of interest on loans and the
profit sharing ratio. Prepare partner's Capital A/cs and Loan A/cs.
[Ans. Balance of Capital A/cs A * 12,53,000, B 310,53,000 and C 37,53,000.]
Hint : In the absence of agreement, Interest on loan is to be paid @6% p.a. and profit will
be shared equally.
00000 and 200 000

Answer 1

Answer:

The answer is 2,00,000