Class 12 Exam > Class 12 Questions > A, B and C had capitals of Rs. 50,000; Rs. 40...
Start Learning for Free
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.
- a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner A
- b)Rs. 26,667 each partner
- c)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for C
- d)Rs. 30,000 each partner
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respe...
Profit after charging interest = Profit before charging interest - Interest on loan
= Rs 79,200 - 1,200
= Rs - 78,000.
= Rs - 78,000.
Profit distribution among partners
= Rs - 78,000 / 3
= Rs - 26,000.
= Rs - 26,000.
Profit for B and C = Rs - 26,000
Profit for A = Rs - 26,000 + Rs - 1,200
= Rs - 27,200.
Note:-.
1) When there is no mention about the profit sharing ratio among partners its assumed to be equal.
2) If there is no agreement or no provision regarding interest on loan in the agreement then the interest will be charged @ 6% p.a.
Free Test
FREE
| Start Free Test |
Community Answer
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respe...
Calculation of Share of each Partner
- Total capital of the firm = Rs. 50,000 + Rs. 40,000 + Rs. 30,000 = Rs. 1,20,000
- Profit for the year = Rs. 79,200
Calculation of Profit Share without considering the advance
- Share of A = (50,000 / 1,20,000) * 79,200 = Rs. 26,400
- Share of B = (40,000 / 1,20,000) * 79,200 = Rs. 26,400
- Share of C = (30,000 / 1,20,000) * 79,200 = Rs. 26,400
Adjustment for A's advance
- A's advance of Rs. 20,000 is not considered for profit sharing
- A's actual share = Rs. 26,400 - Rs. 20,000 = Rs. 6,400
- New profit to be shared = Rs. 79,200 - Rs. 20,000 = Rs. 59,200
Final Profit Share
- Share of A = Rs. 6,400 (original share) + Rs. 27,466 (adjusted share) = Rs. 33,866
- Share of B = Rs. 26,400
- Share of C = Rs. 26,400
Therefore, the final share of each partner after considering the advance is Rs. 33,866 for A, and Rs. 26,400 each for B and C. Option A is the correct answer.
- Total capital of the firm = Rs. 50,000 + Rs. 40,000 + Rs. 30,000 = Rs. 1,20,000
- Profit for the year = Rs. 79,200
Calculation of Profit Share without considering the advance
- Share of A = (50,000 / 1,20,000) * 79,200 = Rs. 26,400
- Share of B = (40,000 / 1,20,000) * 79,200 = Rs. 26,400
- Share of C = (30,000 / 1,20,000) * 79,200 = Rs. 26,400
Adjustment for A's advance
- A's advance of Rs. 20,000 is not considered for profit sharing
- A's actual share = Rs. 26,400 - Rs. 20,000 = Rs. 6,400
- New profit to be shared = Rs. 79,200 - Rs. 20,000 = Rs. 59,200
Final Profit Share
- Share of A = Rs. 6,400 (original share) + Rs. 27,466 (adjusted share) = Rs. 33,866
- Share of B = Rs. 26,400
- Share of C = Rs. 26,400
Therefore, the final share of each partner after considering the advance is Rs. 33,866 for A, and Rs. 26,400 each for B and C. Option A is the correct answer.
|
Explore Courses for Class 12 exam
|
|
Similar Class 12 Doubts
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer?
Question Description
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? 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 A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer?.
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? 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 A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer?.
Solutions for A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12.
Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning of A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution.a)Rs. 26,267 for Partner B and C & Rs. 27,466 for partner Ab)Rs. 26,667 each partnerc)Rs. 33,333 for A, Rs. 26,667 and Rs. 20,000 for Cd)Rs. 30,000 each partnerCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Class 12 tests.
|
|
Explore Courses for Class 12 exam
|
|
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