Q27. Anya and Ayushi are partners, total interest on loan extended by Anya to firm is rupees 20,000. Firm has net profit of 5000. The capital of Anya and Ayushi are in the ratio of 2: 3 what will be Anya share of profit/ loss ?
Answers
Explanation:
Calculation of Interest on X
′
s Capital: Rs.
X
′
s Capital as at 31st March, 2018 90,000
Add: Drawings made during the year 10,000
1,00,000
Less: Profit added (credited) [1/2(Rs.60,000−Rs.40,000)] 10,000
Capital as at 1st April, 2017
90,000
Interest on capital @ 5%p.a.=Rs.90,000×
100
5
=Rs.4,500.
Calculation of Interest on Y
′
s Capital: Rs.
Y
′
s Capital as at 31st March, 2018 80,000
Add: Drawings made during the year 30,000
1,10,000
Less: Profit added (credited) [1/2(Rs.60,000−Rs.40,000)] 10,000
Capital as at 1st April, 2017
1,00,000
Interest on capital @ 5%p.a.=Rs.1,00,000×
100
5
=Rs.5,000.
Notes:
1. capital in the beginning is calculated by adding drawings and deducting profit distributed.
2. Profit during the year was Rs.60,000 out of which Rs.40,000 is transferred to Reserve and is shown in the Balance sheet. Thus, in effect, only Rs.20,000 were distrubuted which have been deducted.
3. In the absence of any profit-sharing ratio being given, partners will share profit and loss equally.