X and Y are partners sharing profits and losses in the ratio of 2 : 3 with capitals ₹ 2,00,000 and ₹ 3,00,000 respectively. On 1st October, 2017, X and Y granted loans of ₹ 80,000 and ₹ 40,000 respectively to the firm. Show distribution of profits/losses for the year ended 31st March, 2018 in each of the following alternative cases: Case 1 : If the profits before interest for the year amounted to ₹ 21,000. Case 2 : If the profits before interest for the year amounted to ₹ 3,000. Case 3 : If the profits before interest for the year amounted to ₹ 5,000. Case 4 : If the loss before interest for the year amounted to ₹ 1,400.

X and Y are partners sharing profits and losses in the ratio of 2 : 3

1.	X and Y are partners sharing profits and losses in the ratio of 2 : 3 with capitals ₹ 2,00,000 and ₹ 3,00,000 respectively. On 1st October, 2017, X and Y granted loans of ₹ 80,000 and ₹ 40,000 respectively to the firm. Show distribution of profits/losses for the year ended 31st March, 2018 in each of the following alternative cases: Case 1 : If the profits before interest for the year amounted to ₹ 21,000. Case 2 : If the profits before interest for the year amounted to ₹ 3,000. Case 3 : If the profits before interest for the year amounted to ₹ 5,000. Case 4 : If the loss before interest for the year amounted to ₹ 1,400.
Answer» ution of PROFITS and losses are given: EXPLANATION:Interest on the loan of XInterest on the loan of YCase 1: If profits at the END of the year will be Rs.21,000 Profit transferred to X’s accountProfit transferred to Y’s account Case 2: If the profit is 3,000 X’s profit = 2400 Y’s profit = 1200 Profit before Interest is 3,000 By loss X’s account Y’s account Case 3: When profit is Rs.5000 2400 and 1200 are calculated above for X and Y X’s capital Y’s capital Case 4: When loss is 14,00 Loss transferred to X’s account = Rs. 2000Loss transferred to Y’s account = Rs. 3000Total

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