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Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year?
Most Upvoted Answer
Hemant and Deepak are partner in a firm having no partnership agreemen...
Calculation of Profit Share of Hemant and Deepak
Step 1: Calculation of Interest on Loan
Hemant claimed interest @12%pa on the loan of 70000 given to the firm. Therefore, the interest on the loan will be:
Interest = Principal * Rate * Time
Where, Principal = 70000, Rate = 12%pa and Time = 1 year
Interest = 70000 * 12/100 * 1 = 8400
Step 2: Calculation of Profit after Deduction of Interest
Profit after deduction of interest will be:
Profit after Deduction of Interest = Profit of the Year - Interest on Loan
Profit after Deduction of Interest = 14200 - 8400 = 5800
Step 3: Calculation of Share of Hemant and Deepak
As there is no partnership agreement, it is assumed that the profits will be shared equally between Hemant and Deepak. Therefore, the share of each partner will be:
Share of each partner = Profit after Deduction of Interest / Number of Partners
Share of each partner = 5800 / 2 = 2900
Step 4: Final Answer
The share of Hemant and Deepak in the profit of the year will be:
Hemant: 2900 + 8400 = 11300
Deepak: 2900
Explanation
In this question, we are given the profit of the year and the interest claimed by Hemant on the loan given to the firm. We need to calculate the share of Hemant and Deepak in the profit of the year. To do this, we first calculate the interest on the loan by using the formula: Interest = Principal * Rate * Time. After calculating the interest, we deduct it from the profit of the year to get the profit after deduction of interest. Then, we assume that the profits will be shared equally between Hemant and Deepak as there is no partnership agreement. Finally, we calculate the share of each partner by dividing the profit after deduction of interest by the number of partners. The final answer gives us the share of Hemant and Deepak in the profit of the year.
Community Answer
Hemant and Deepak are partner in a firm having no partnership agreemen...
14200-8400: 5800
5800 divided by 2
so ans. is 2900 &2900
5800 divided by 2
so ans. is 2900 &2900
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Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year?
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Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year?.
Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hemant and Deepak are partner in a firm having no partnership agreement . The profit of the year was 14200. Hemant claimed interest @12%pa on the loan of 70000 given to the firm . Calculate the share of hemant and Deepak is the profit of the year?.
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