Question

taran and deep are partner's sharing the profit and losses in the ratio of 2:3 with capitals of 3,00,000 and 2,00,000 respectively on 1st October 2020 taran and deep gave loan of 60,000and 30,0000 respectively to the firm. show the distribution of profit/losses for the year ended 31st March 2021 in each of the following cases. Case1.when profit before interest for the year amounted to 3,750.case2.when profit before inyerest for the year amounted to 2,350.case3.when loss before interest for the year amounted to3750​

Answer 1

Explanation:

X and Y are partners sharing profits and losses in the ratio of 2:3 with capitals of Rs.2,00,000 and Rs.3,00,000 respectively. On 1st October, 2017, X and Y granted loans of Rs.80,000 and Rs.40,000 respectively to the firm. Show distribution of profits/losses for the ended 31st March, 2018 in each of the following alternative cases:

Case 1. If the profits before interest for the year amounted to Rs. 21,000.

Case 2. If the profits before interest for the year amounted to t Rs. 3,000.

Case 3. If the profits before interest for the year amounted to Rs. 5,00,0.

Case 4. If the loss before interest for the year amounted to Rs. 1,400.