Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with the capitals of Rs 5,00,000 and Rs 6,00,000 respectively. On 1st Jan 2006 Sohan and Mohan granted loans of Rs. 20,000 and Rs 10,000 respectively to the firm. Show the distribution of profit and losses for the year ended 31st March 2006 if the loss before interest for the year amounted to Rs 2,500.
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Distribution of profit and losses for the year ended 31st March 2006
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Pls refer to the pic below
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Answer:
Sohan 1180, Mohan 1770
Explanation:
Existing loss = 2500
Interest on loan
Sohan's loan = 20000 * 6/100 * 3/12 = 300
Mohan's loan = 10000* 6/100 * 3/12 = 150
Total interest = 450
Total loss 2500 + 450 = 2950
Loss to partners =
Sohan = 2950*2/5 = 1180
Mohan = 2950*3/5= 1770
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