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Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :?
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Sudha, Naresh and Geeta were partners in a firm sharing profits in the...
Calculation of Interest on Capital
The partnership deed provides for interest on capital at 10% p.a.
Calculation of Interest on Capital:
- Sudha's interest on capital = 10% of Rs. 6,00,000 = Rs. 60,000
- Naresh's interest on capital = 10% of Rs. 4,00,000 = Rs. 40,000
- Geeta's interest on capital = 10% of Rs. 2,00,000 = Rs. 20,000
Calculation of Interest on Loan
The partnership deed provides for interest on loan given by Geeta at 12% p.a.
Calculation of Interest on Loan:
- Interest on loan = 12% of Rs. 75,000 = Rs. 9,000
Distribution of Profit
The profits for the year were Rs. 1,20,000. The distribution of profit would be as follows:
- Sudha's share of profit = 5/10 x Rs. 1,20,000 = Rs. 60,000
- Naresh's share of profit = 3/10 x Rs. 1,20,000 = Rs. 36,000
- Geeta's share of profit = 2/10 x Rs. 1,20,000 = Rs. 24,000
Adjustment of Interest on Capital and Loan
- Sudha's interest on capital = Rs. 60,000
- Naresh's interest on capital = Rs. 40,000
- Geeta's interest on capital = Rs. 20,000
- Interest on loan = Rs. 9,000
Total interest = Rs. 1,29,000
- Sudha's share of interest = 5/10 x Rs. 1,29,000 = Rs. 64,500
- Naresh's share of interest = 3/10 x Rs. 1,29,000 = Rs. 38,700
- Geeta's share of interest = 2/10 x Rs. 1,29,000 = Rs. 25,800
Final Distribution of Profit
- Sudha's final share of profit = Rs. 60,000 + Rs. 64,500 = Rs. 1,24,500
- Naresh's final share of profit = Rs. 36,000 + Rs. 38,700 = Rs. 74,700
- Geeta's final share of profit = Rs. 24,000 + Rs. 25,800 = Rs. 49,800
Note: The loan given by Geeta will be returned to her after distribution of profits.
The partnership deed provides for interest on capital at 10% p.a.
Calculation of Interest on Capital:
- Sudha's interest on capital = 10% of Rs. 6,00,000 = Rs. 60,000
- Naresh's interest on capital = 10% of Rs. 4,00,000 = Rs. 40,000
- Geeta's interest on capital = 10% of Rs. 2,00,000 = Rs. 20,000
Calculation of Interest on Loan
The partnership deed provides for interest on loan given by Geeta at 12% p.a.
Calculation of Interest on Loan:
- Interest on loan = 12% of Rs. 75,000 = Rs. 9,000
Distribution of Profit
The profits for the year were Rs. 1,20,000. The distribution of profit would be as follows:
- Sudha's share of profit = 5/10 x Rs. 1,20,000 = Rs. 60,000
- Naresh's share of profit = 3/10 x Rs. 1,20,000 = Rs. 36,000
- Geeta's share of profit = 2/10 x Rs. 1,20,000 = Rs. 24,000
Adjustment of Interest on Capital and Loan
- Sudha's interest on capital = Rs. 60,000
- Naresh's interest on capital = Rs. 40,000
- Geeta's interest on capital = Rs. 20,000
- Interest on loan = Rs. 9,000
Total interest = Rs. 1,29,000
- Sudha's share of interest = 5/10 x Rs. 1,29,000 = Rs. 64,500
- Naresh's share of interest = 3/10 x Rs. 1,29,000 = Rs. 38,700
- Geeta's share of interest = 2/10 x Rs. 1,29,000 = Rs. 25,800
Final Distribution of Profit
- Sudha's final share of profit = Rs. 60,000 + Rs. 64,500 = Rs. 1,24,500
- Naresh's final share of profit = Rs. 36,000 + Rs. 38,700 = Rs. 74,700
- Geeta's final share of profit = Rs. 24,000 + Rs. 25,800 = Rs. 49,800
Note: The loan given by Geeta will be returned to her after distribution of profits.
Community Answer
Sudha, Naresh and Geeta were partners in a firm sharing profits in the...
Interest on loan of Geeta should be given @6%p.a =(75000×6÷100)=4500
Less this 4500 from the profit and share remaining in their profit sharing ratio.
Less this 4500 from the profit and share remaining in their profit sharing ratio.
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Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :?
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Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :?.
Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :?.
Solutions for Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? in English & in Hindi are available as part of our courses for Class 12.
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Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :?, a detailed solution for Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? has been provided alongside types of Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following :? theory, EduRev gives you an
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