Commerce Exam > Commerce Questions > Abha and bharat were partners they sharing pr...
Start Learning for Free
Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015?
Most Upvoted Answer
Abha and bharat were partners they sharing profit and loss equally on ...
Solution:
Given data:
Abha's capital = Rs. 3,00,000
Bharat's capital = Rs. 2,00,000
Interest on Capital = 10% p.a.
Profit for the year = Rs. 50,000
Step 1: Calculation of interest on capital
Interest on Abha's capital = 10% of Rs. 3,00,000 = Rs. 30,000
Interest on Bharat's capital = 10% of Rs. 2,00,000 = Rs. 20,000
Step 2: Calculation of profit before interest on capital
Total capital = Rs. 5,00,000
Total interest on capital = Rs. 50,000 (Rs. 30,000 + Rs. 20,000)
So, the remaining profit = Rs. 50,000 - Rs. 50,000 = Rs. 0
Step 3: Calculation of profit after interest on capital
Abha's share of profit = Rs. 30,000 + Rs. 25,000 (half of remaining profit) = Rs. 55,000
Bharat's share of profit = Rs. 20,000 + Rs. 25,000 (half of remaining profit) = Rs. 45,000
Therefore, the total profit to be distributed between the partners is Rs. 1,00,000 (Rs. 55,000 + Rs. 45,000).
Explanation:
The interest on capital is calculated as per the partner deed which is 10% p.a. In this case, Abha's capital is Rs. 3,00,000 and Bharat's capital is Rs. 2,00,000. So, the interest on Abha's capital is Rs. 30,000 and the interest on Bharat's capital is Rs. 20,000.
After calculating the interest on capital, we have to calculate the profit before interest on capital. As per the given data, the profit for the year is Rs. 50,000. So, the remaining profit after deducting the interest on capital (Rs. 50,000 - Rs. 50,000) is Rs. 0.
Finally, we have to distribute the profit between the partners. Abha's share of profit is calculated by adding her interest on capital (Rs. 30,000) and half of the remaining profit (Rs. 25,000). Similarly, Bharat's share of profit is calculated by adding his interest on capital (Rs. 20,000) and half of the remaining profit (Rs. 25,000). The total profit to be distributed between the partners is Rs. 1,00,000 (Rs. 55,000 + Rs. 45,000).
Given data:
Abha's capital = Rs. 3,00,000
Bharat's capital = Rs. 2,00,000
Interest on Capital = 10% p.a.
Profit for the year = Rs. 50,000
Step 1: Calculation of interest on capital
Interest on Abha's capital = 10% of Rs. 3,00,000 = Rs. 30,000
Interest on Bharat's capital = 10% of Rs. 2,00,000 = Rs. 20,000
Step 2: Calculation of profit before interest on capital
Total capital = Rs. 5,00,000
Total interest on capital = Rs. 50,000 (Rs. 30,000 + Rs. 20,000)
So, the remaining profit = Rs. 50,000 - Rs. 50,000 = Rs. 0
Step 3: Calculation of profit after interest on capital
Abha's share of profit = Rs. 30,000 + Rs. 25,000 (half of remaining profit) = Rs. 55,000
Bharat's share of profit = Rs. 20,000 + Rs. 25,000 (half of remaining profit) = Rs. 45,000
Therefore, the total profit to be distributed between the partners is Rs. 1,00,000 (Rs. 55,000 + Rs. 45,000).
Explanation:
The interest on capital is calculated as per the partner deed which is 10% p.a. In this case, Abha's capital is Rs. 3,00,000 and Bharat's capital is Rs. 2,00,000. So, the interest on Abha's capital is Rs. 30,000 and the interest on Bharat's capital is Rs. 20,000.
After calculating the interest on capital, we have to calculate the profit before interest on capital. As per the given data, the profit for the year is Rs. 50,000. So, the remaining profit after deducting the interest on capital (Rs. 50,000 - Rs. 50,000) is Rs. 0.
Finally, we have to distribute the profit between the partners. Abha's share of profit is calculated by adding her interest on capital (Rs. 30,000) and half of the remaining profit (Rs. 25,000). Similarly, Bharat's share of profit is calculated by adding his interest on capital (Rs. 20,000) and half of the remaining profit (Rs. 25,000). The total profit to be distributed between the partners is Rs. 1,00,000 (Rs. 55,000 + Rs. 45,000).
Community Answer
Abha and bharat were partners they sharing profit and loss equally on ...
Only interest on capital provide only
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015?
Question Description
Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015?.
Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015?.
Solutions for Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? defined & explained in the simplest way possible. Besides giving the explanation of
Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015?, a detailed solution for Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? has been provided alongside types of Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? theory, EduRev gives you an
ample number of questions to practice Abha and bharat were partners they sharing profit and loss equally on 1st April 2014 their capital account shows balance 3 lacs and 2 lacs respectively calculate the amount of profit to be distributed between the partners if the partner deed provided for interest on capital @ 10% p. a. and the first on a profit of 50000 for the year ended 31st March 2015? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup