X, Y, and Z are partners in a firm. At the time of division of profit for the year, there
dispute between the partners. Profit before interest on partner's capital was 36,000 and Y
determined interest @24% p.a. on his loan of 380,000. There was no agreement on this point.
Calculate the amount payable to X, Y, and Z respectively. .
(a) 32,000 to each partner.
(b) Loss of $4,400 for X and Z; Twill take 14,800.
(c) 400 for A, 35,200 for Land $400 for Z.
(d) None of the above
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Answer: option c
Explanation:In the absence of partnership deed, Interest on loan at 6% will be calculated and also profit will be shared equally.
Interest on loan = 80000*6/100 = 4800.
Profit available for distribution = 15000 - 4800 = 10200
Profit distributed = 10200/ 3 = 3400.
Share of X = 3400.
Share of Y = 3400+4800 = 8200
share of Z = 3400.
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