Commerce Exam  >  Commerce Questions  >  I am Nobi region, Chintu entered into partner... Start Learning for Free
I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune?
Most Upvoted Answer
I am Nobi region, Chintu entered into partnership on 1 July 2022, to s...
Partnership between Nobi, Annapurna, and Chintu:



Introduction:


Nobi, Annapurna, and Chintu have entered into a partnership on 1 July 2022. They have decided to share the profits and losses in a specific ratio and have also agreed to charge interest on capital. Let's understand the details of this partnership arrangement.

Partnership Ratio:


The profit and loss sharing ratio between the partners is mentioned as 5:3:2. This means that out of the total profit or loss, Nobi will receive 5 parts, Annapurna will receive 3 parts, and Chintu will receive 2 parts.

Interest on Capital:


The partners have also agreed to charge interest on the capital invested. The rate of interest is mentioned as 8% per annum. This interest is charged on the capital contributed by each partner.

Capital Contribution:


According to the given information, Nobi has contributed a capital of Rs. 1,60,000 and Annapurna has contributed a capital of Rs. 3,00,000. However, the capital contribution of Chintu is not mentioned.

Explanation:


To explain this partnership arrangement further, we need to calculate the interest on the capital and the share of profit for each partner. Let's break down the explanation into the following points:

1. Calculation of Interest on Capital:


To calculate the interest on capital, we will multiply the capital contributed by each partner with the interest rate of 8% per annum. Since Nobi has contributed Rs. 1,60,000, the interest on his capital will be Rs. (1,60,000 * 8/100).

2. Calculation of Share of Profit:


The share of profit for each partner can be calculated by multiplying the total profit with their respective profit sharing ratio. The total profit will be calculated by deducting the total expenses from the total revenue.

3. Guaranteed Share of Profit for Chintu:


According to the given information, Chintu has a guaranteed share of profit after charging interest on capital. This means that Chintu will receive a specific amount as his share of profit regardless of the actual profit earned by the partnership. The guaranteed share of profit for Chintu can be calculated by subtracting the interest on capital from his share of profit.

4. Distribution of Remaining Profit:


After calculating the guaranteed share of profit for Chintu, the remaining profit can be distributed among the partners in their profit sharing ratio. This distribution will be based on the actual profit earned by the partnership.

Conclusion:


In conclusion, Nobi, Annapurna, and Chintu have entered into a partnership where they will share the profits and losses in the ratio of 5:3:2. They have also agreed to charge interest on capital at a rate of 8% per annum. The capital contributed by Nobi and Annapurna is mentioned, but the capital contributed by Chintu is not given. The partnership arrangement involves calculating the interest on capital, determining the share of profit for each partner, and allocating a guaranteed share
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

Top Courses for Commerce

I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune?
Question Description
I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune?.
Solutions for I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? 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 I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? defined & explained in the simplest way possible. Besides giving the explanation of I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune?, a detailed solution for I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? has been provided alongside types of I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? theory, EduRev gives you an ample number of questions to practice I am Nobi region, Chintu entered into partnership on 1 July 2022, to share profit and losses in the ratio of 532 Anna percent guaranteed to Chintu share of profit after charging interest on capital 8% per Anum one 60,000 per the capital contributed more Annapurna Biju three lakhs and Chintu Pune? tests, examples and also practice Commerce tests.
Explore Courses for Commerce exam

Top Courses for Commerce

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev