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L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *?
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L and M are partners in a firm sharing P&L in the ratio of 2:1. They a...
Rofits and losses in the ratio of 3:2 respectively. At the end of the financial year, the firm's profit for the year was $60,000. How much profit did each partner receive?
Solution:
Step 1: Calculate the profit share ratio of L and M.
The profit share ratio of L and M is 3:2 respectively.
Step 2: Calculate the total profit share.
To calculate the total profit share, we need to add the profit share of L and M:
3 + 2 = 5
Therefore, the total profit share is 5.
Step 3: Calculate the profit share of L.
To calculate the profit share of L, we use the following formula:
Profit share of L = (Profit share ratio of L / Total profit share) x Total profit
Profit share of L = (3/5) x $60,000
Profit share of L = $36,000
Step 4: Calculate the profit share of M.
To calculate the profit share of M, we use the following formula:
Profit share of M = (Profit share ratio of M / Total profit share) x Total profit
Profit share of M = (2/5) x $60,000
Profit share of M = $24,000
Therefore, L received $36,000 and M received $24,000 as their profit share.
Solution:
Step 1: Calculate the profit share ratio of L and M.
The profit share ratio of L and M is 3:2 respectively.
Step 2: Calculate the total profit share.
To calculate the total profit share, we need to add the profit share of L and M:
3 + 2 = 5
Therefore, the total profit share is 5.
Step 3: Calculate the profit share of L.
To calculate the profit share of L, we use the following formula:
Profit share of L = (Profit share ratio of L / Total profit share) x Total profit
Profit share of L = (3/5) x $60,000
Profit share of L = $36,000
Step 4: Calculate the profit share of M.
To calculate the profit share of M, we use the following formula:
Profit share of M = (Profit share ratio of M / Total profit share) x Total profit
Profit share of M = (2/5) x $60,000
Profit share of M = $24,000
Therefore, L received $36,000 and M received $24,000 as their profit share.
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L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *?
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L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *? 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 L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *?.
L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *? 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 L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *?.
Solutions for L and M are partners in a firm sharing P&L in the ratio of 2:1. They admitted N with 1/4 share in profits with a guaranteed amount of ₹ 21,000. Both L and M undertake to meet the liability arising out of the guaranteed mount to N in their respective profit sharing ratio. The profit sharing ratio between L and M does not change. The firm earned profits of ₹ 60,000 for the year ended 31st March, 2021. a)The profit earned by L: *.b) The profit earned by M:c) The profit earned by N: *? in English & in Hindi are available as part of our courses for Class 12.
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