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Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .?
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Ramesh and Suresh are partner in a firm sharing profits in the ratio o...
Calculation of Interest on Capital
- Ramesh's capital = 40,000
- Suresh's capital = 30,000
- Interest rate on capital = 12%
- Interest on Ramesh's capital for the year = 40,000 * 12% = 4,800
- Interest on Suresh's capital for the year = 30,000 * 12% = 3,600
Calculation of Monthly Salary
- Ramesh's monthly salary = 1000
- Suresh's monthly salary = 1500
- Total monthly salary = 1000 + 1500 = 2500
Calculation of Profit Sharing Ratio
- Ramesh's share = 40,000 / (40,000 + 30,000) = 4/7
- Suresh's share = 30,000 / (40,000 + 30,000) = 3/7
Calculation of Profit before Interest, Salary and Drawings
- Let profit before interest, salary and drawings be X
- X * Ramesh's share = 4/7 * X
- X * Suresh's share = 3/7 * X
Calculation of Interest on Drawings
- Interest rate on drawings = 10%
- Ramesh's drawings = 0
- Suresh's drawings = 20,000
- Interest on Suresh's drawings for the year = 20,000 * 10% = 2,000
Calculation of Profit after Interest and before Salary and Drawings
- Profit after interest and before salary and drawings = X - (4,800 + 3,600 + 2,000)
Calculation of Profit after Salary and Drawings
- Profit after salary and drawings = Profit after interest and before salary and drawings - (12 * 2500)
Final Calculation of Profit
- Ramesh's share of profit = Ramesh's share * (Profit after salary and drawings)
- Suresh's share of profit = Suresh's share * (Profit after salary and drawings)
The above calculations would help in determining the profit-sharing ratio between Ramesh and Suresh, along with their monthly salary and interest on capital and drawings. It is important to note that the interest rates, salary, and profit-sharing ratios are all based on the partnership agreement and can vary depending on the terms and conditions agreed upon by the partners.
- Ramesh's capital = 40,000
- Suresh's capital = 30,000
- Interest rate on capital = 12%
- Interest on Ramesh's capital for the year = 40,000 * 12% = 4,800
- Interest on Suresh's capital for the year = 30,000 * 12% = 3,600
Calculation of Monthly Salary
- Ramesh's monthly salary = 1000
- Suresh's monthly salary = 1500
- Total monthly salary = 1000 + 1500 = 2500
Calculation of Profit Sharing Ratio
- Ramesh's share = 40,000 / (40,000 + 30,000) = 4/7
- Suresh's share = 30,000 / (40,000 + 30,000) = 3/7
Calculation of Profit before Interest, Salary and Drawings
- Let profit before interest, salary and drawings be X
- X * Ramesh's share = 4/7 * X
- X * Suresh's share = 3/7 * X
Calculation of Interest on Drawings
- Interest rate on drawings = 10%
- Ramesh's drawings = 0
- Suresh's drawings = 20,000
- Interest on Suresh's drawings for the year = 20,000 * 10% = 2,000
Calculation of Profit after Interest and before Salary and Drawings
- Profit after interest and before salary and drawings = X - (4,800 + 3,600 + 2,000)
Calculation of Profit after Salary and Drawings
- Profit after salary and drawings = Profit after interest and before salary and drawings - (12 * 2500)
Final Calculation of Profit
- Ramesh's share of profit = Ramesh's share * (Profit after salary and drawings)
- Suresh's share of profit = Suresh's share * (Profit after salary and drawings)
The above calculations would help in determining the profit-sharing ratio between Ramesh and Suresh, along with their monthly salary and interest on capital and drawings. It is important to note that the interest rates, salary, and profit-sharing ratios are all based on the partnership agreement and can vary depending on the terms and conditions agreed upon by the partners.
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Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .?
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Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? 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 Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .?.
Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? 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 Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .?.
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Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .?, a detailed solution for Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? has been provided alongside types of Ramesh and Suresh are partner in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were 40,000 and 30,000 respectively . The firm a started business on April 1,2012. According to the partnership agreement interest on Capital and drawings are 12%and 10% respectively . Ramesh and Suresh are to get a monthly salary of 1000and 1500 respectively .? theory, EduRev gives you an
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