Question

X and Y started a business on 1st April,2019 by contributing Rs.5,00,000 and Rs.

2,50,000 respectively as capital. On 1st July,2019, X gave loan to the firm of

Rs.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 Rs.4,09,000. There was no

Partners agreement- oral or written. At the time of distribution of profit:

X Claims : (i) Interest to be given on capital and loan @12% p.a ; and

(ii) The profit should be distributed in the capital ratio.

Y Claims : (i) Salary of Rs. 10,000 p.m for his service and

(ii) Interest on capital and loan should be given @8% p.a only.​

Answer 1

Answer:

Option no 3 I think thank