XY&Z are partners in a firm. Their capitals as on 1 April 2016 were rupees 500000
rupees 4000000 in rupees 300000 respectively. On July 13 2016 they introduced
further capitals on of rupees 100000 rupees 80,000 and rupees 50,000 respectively.
On February 1t 2017 Y withdrawal rupees 15,000 from his capital. Interest is to be
allowed at the rate 8% per annum on the capitals. Compute interest on capital for
the year ending March 31st 2017.
Answers
Answer:
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Answer:
Answer:
As there is no partnership deed,some provisions of the Indian Partnership Act,1932 shall apply. Partners are not entitled to any interest on the capital contributed by them and cannot withdraw any salary for the work done by them for the business. They are eligible for interest on any loan advanced by them to the firm @ 6%p.a.
Profits should be shared equally irrespective of the amount of capital contributed.
Hence,the distribution of profits should be carried out in the following ways:-
Net profit as per profit& loss Account = 15,000
Less: interest on A's loan = 8,000*6%*6/12 = 240
profits remaining = 14,760
Share of profits
A = 7,380
B= 7,380
Explanation:
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