1.

X and Y are partners with a profit sharing ratio of 1 : 2 with capitals of Rs 4,00,000 and Rs 6,00,000 respectively. On 1st October, 2014 X and Y granted loans of Rs 1,00,000 and Rs 60,000 respectively to the firm. Distribute the profit/losses amongst the partners for the year ended 31st March, 2015 in each of the following cases: Case (a) If the profit before interest for the year amounted to Rs 12,000. (b) If the profit before interest for the year amounted to Rs 3,000. (c) If the loss before interest for the year amounted to Rs 7,500.

Answer»

X and Y are partners with a profit sharing ratio of 1 : 2 with capitals of Rs 4,00,000 and Rs 6,00,000 respectively. On 1st October, 2014 X and Y granted loans of Rs 1,00,000 and Rs 60,000 respectively to the firm. Distribute the profit/losses amongst the partners for the year ended 31st March, 2015 in each of the following cases:

Case (a) If the profit before interest for the year amounted to Rs 12,000.

(b) If the profit before interest for the year amounted to Rs 3,000.

(c) If the loss before interest for the year amounted to Rs 7,500.



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