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Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month?
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Ram and Manohar are partners in a firm sharing profit and losses in th...
Partnership Agreement
- Ram and Manohar are partners in a firm
- Profit and losses are shared in the ratio of 7:3
Loan Granted by Ram
- On 1st October 2013, Ram granted a loan of Rs 100000 to the firm
- This loan is not considered as a capital contribution but as a liability of the firm
Rent Entitlement of Ram
- According to the partnership deed, Ram is entitled to a rent of Rs 3000 per month
- This rent is payable to Ram for the use of his property by the firm
- This rent is considered as an expense of the firm and will be deducted from the profits before the distribution of profits between partners
Impact on Profit Distribution
- The loan granted by Ram will not affect the profit and loss sharing ratio of 7:3 between Ram and Manohar
- However, the interest paid on this loan will be considered as an expense of the firm and will reduce the profits of the firm
- The rent payable to Ram will also reduce the profits of the firm and will be deducted before the distribution of profits between partners
Conclusion
- Ram's loan and rent entitlement will have an impact on the profits of the firm but will not affect the profit sharing ratio between the partners.
- Ram and Manohar are partners in a firm
- Profit and losses are shared in the ratio of 7:3
Loan Granted by Ram
- On 1st October 2013, Ram granted a loan of Rs 100000 to the firm
- This loan is not considered as a capital contribution but as a liability of the firm
Rent Entitlement of Ram
- According to the partnership deed, Ram is entitled to a rent of Rs 3000 per month
- This rent is payable to Ram for the use of his property by the firm
- This rent is considered as an expense of the firm and will be deducted from the profits before the distribution of profits between partners
Impact on Profit Distribution
- The loan granted by Ram will not affect the profit and loss sharing ratio of 7:3 between Ram and Manohar
- However, the interest paid on this loan will be considered as an expense of the firm and will reduce the profits of the firm
- The rent payable to Ram will also reduce the profits of the firm and will be deducted before the distribution of profits between partners
Conclusion
- Ram's loan and rent entitlement will have an impact on the profits of the firm but will not affect the profit sharing ratio between the partners.
Community Answer
Ram and Manohar are partners in a firm sharing profit and losses in th...
What you want ask bro ?I think you want pl appropriation account
am I right na
am I right na
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Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month?
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Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month?.
Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram and Manohar are partners in a firm sharing profit and losses in the ratio of 7:3 . On 1st October 2013 Ram granted a loan of Rs 100000. According to the partnership deed, Ram was entitled to a rent of 3000 per month?.
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