Question

the partners of a firm, alia, bhanu, and chand distributed the profits for the year ended 31st march, 2017, 80000 in the ratio of 3:3:2 without providing for the following adjustments​

Answer 1

Profit distribution

Explanation:

Given:

Profit during the year = 80,000

Profit sharing ratio = 3 : 3 : 2

Computation of distribution of profit:

Partner's profit = Profit during the year × (Profit ratio of the partner / Total ratio)

Alia's profit = 80,000 × [ 3 / (3+3+2)]

Alia's profit = 80,000 × [ 3 / (8)]

Alia's profit = 30,000

Bhanu's profit = 80,000 × [ 3 / (3+3+2)]

Bhanu's profit = 80,000 × [ 3 / (8)]

Bhanu's profit = 30,000

Chand's profit = 80,000 × [ 2 / (3+3+2)]

Chand's profit = 80,000 × [  / (8)]

Chand's profit = 20,000

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