CA Foundation Exam > CA Foundation Questions > A, B and C had capitals of Rs. 50,000; Rs. 40...
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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. - 27,200 for Partner B and C & Rs. -26,000 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?
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Verified 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.
Most Upvoted Answer
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respe...
As per the provisions of the Indian Partnership Act of 1932, interest @ 6% p.a. is provided to the partners for any amount advanced by them to the firm by way of loan.
Here, A will be entitled to receive interest of Rs 1,200 (20,000 @ 6%).
Thereafter, the remaining profits (80,000−1,200) will be shared equally among A, B, and C.
So, A will get Rs 27,466 (his share of profit + interest on loan i.e. Rs 26,266 + 1,200)
B & C will get Rs 26267 each.
Hence, the correct answer is Option A
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Community Answer
A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respe...
Earned a profit of Rs. 20,000. If they agreed to share the profit in the ratio of their capitals, then the share of A, B and C respectively will be:
A's share = (50,000/120,000) x 20,000 = Rs. 8,333.33
B's share = (40,000/120,000) x 20,000 = Rs. 6,666.67
C's share = (30,000/120,000) x 20,000 = Rs. 5,000
Therefore, A's share is Rs. 8,333.33, B's share is Rs. 6,666.67 and C's share is Rs. 5,000.
A's share = (50,000/120,000) x 20,000 = Rs. 8,333.33
B's share = (40,000/120,000) x 20,000 = Rs. 6,666.67
C's share = (30,000/120,000) x 20,000 = Rs. 5,000
Therefore, A's share is Rs. 8,333.33, B's share is Rs. 6,666.67 and C's share is Rs. 5,000.
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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. - 27,200 for Partner B and C & Rs. -26,000 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?
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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. - 27,200 for Partner B and C & Rs. -26,000 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 CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation 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. - 27,200 for Partner B and C & Rs. -26,000 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 CA Foundation 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. - 27,200 for Partner B and C & Rs. -26,000 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. - 27,200 for Partner B and C & Rs. -26,000 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 CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation 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. - 27,200 for Partner B and C & Rs. -26,000 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 CA Foundation 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. - 27,200 for Partner B and C & Rs. -26,000 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. - 27,200 for Partner B and C & Rs. -26,000 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 CA Foundation.
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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. - 27,200 for Partner B and C & Rs. -26,000 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. - 27,200 for Partner B and C & Rs. -26,000 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. - 27,200 for Partner B and C & Rs. -26,000 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. - 27,200 for Partner B and C & Rs. -26,000 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
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