Accountancy, asked by nrandhwa01, 5 days ago

x and y are partners sharing profits and losses in the ratio of 3:2 with capitals of rs.24,000 and RS. 12,000. on 1 July 2019,x and y granted loans of RS. 48,000 and RS. 18,000 respectively to the form. shoe the distribution profits/losses for the year 2019, if the profits before any interest for the year amounted to RS.1,800​

Answers

Answered by arunprasad1981
0

Explanation:

Assuming that there is existence of partnership deed among the partners.

Interest on capital and loan @ 6%p.a is to be paid. But as there is no enough profits,interest on capital cannot be provided for.

Case 1.

Net profit = 21,000

less:Interest on loan

X= 80,000*6%*1/2 = 2400

Y = 40,000*6%*1/2=1200 3,600

Share of profits 17,400

X = 6,960

Y= 10,440

Case 2.

Net profit = 3,000

Less:- interest on loan =( 3,600)

Loss =(600)

Interest on loan is to be provided even if there is loss.

Case 3.

Net profit = 5000

Less: Interest on loan = 3,600

Remaining profit = 1,400

Share of profit

X = 560

Y = 840

Case 4.

Net Loss = 1,400

Less:Interest on Loan = (3,600)

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