Question

Q.5. A,B,C are partners sharing the profit and loss in the ratio of 2:3:5.On 1 July 2004,A and B granted loan of Rs.2 Lacks and Rs.1 Lacks respectively to the firm.Show the distribution of profit and loss for the year ended 31st March 2005.In the following cases-

(i)If the profit before interest for the year amounted to Rs 7,500

(ii)If the loss before interest for the year amounted top Rs.7,500​

Answer 1

Answer:

(a) A-1200,B- 1800,C- 3000

(b) A- 4200, B- 6300, C- 10500