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. 80,000. 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 'A'. Can you explain this answer?

CA Foundation Question

By Divya · Jun 11, 2018 ·CA Foundation
5 Answers
Abhishek Choudhary answered May 24, 2018
Muskan kedia you're wrong Answer A right 6%of 20000=1200(profit=80000-1200 A interst on loan=78800÷3=26,267 B & C partner and A=26266+1200intrest on loan=27,466

Muskan Kedia answered May 24, 2018
The answer is wrong. correct answer is (b)because net profit remaining after giving interest on loan to partner @6% on 20000 is 78800 And this is to equally be divided among partners..

Ajay Kumar answered Oct 06, 2018
Can any body tell about maths important chapters for exam

Anmol Yaduvanshi answered Jun 13, 2018
A

This discussion on 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. 80,000. 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 'A'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers 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. 80,000. 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 'A'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like 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. 80,000. 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 'A'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.