Question

vo. X and Y started a business on 1st April, 2019 by contributing 5,00,000 and * 2,50,000
respectively
as capital. On 1st July, 2019, X gave loan to the firm of 2,00,000. Y alone was
looking after the business of the firm. During the year ended 31st March, 2020, the firm earned
a net profit of 4,09,000. There was no partnership agreement oral or written. At the time of
distribution of profit:
[4]
X Claims: 1 Interest to be given on capital and loan @ 12% p.a., and
V The profit should be distributed in the capital ratio.
Y Claims: o Salary of = 10,000 p. m for his service; and
Interest on capital and loan should be given @ 8%p.a. only.​

Answer 1

Explanation:

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