InterviewSolution
| 1. |
Anshul and Asha are partners sharing profits and losses in the ratio of 3 : 2. Anshul being a non-working partner contributed ₹ 8,00,000 as her capital. Asha being a working partner did not contribute capital. The partnership Deed provides for interest on capital @ 5% and salary to every working partner @ ₹ 2,000 per month. Net profit before providing for interest on capital and partner’s salary for the year ended 31st March, 2018 was ₹ 32,000. |
|
Answer» Given,Anshul and Asha are PARTNERS sharing profits and LOSSES in the RATIO of 3 : 2.Interest on Anshul's Capital Salary to Asha = Rs. 24,000Total appropriation to be made Profit earned during the YEAR Here, profit available for distribution (i.e. Rs 32,000 ) is less than the sum of total of interest on Capital and Salary (i.e. Rs.64,000) Therefore, profit will be DISTRIBUTED in the ratio of interest on Capital and Salary. Ratio of Interest on Anshul's Capital to Asha' Salary is 40,000: 24,000 i.e. 5: 3 . Interest on Anshul's Capital Asha's Salary Thus, Anshul's Interest on the capital and the Asha's Salary will be of Rs. 20,000 and Rs. 12,000 respectively. |
|