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Tripathi and chauhan are partner in a firm sharing profit and loss in the ratio of 3:2 there capital were 60000rs and 40000rs as on 1 January 2016. during the year they earned a profit of 30000. according to the partnership deed both the partners are entitled to 1000rs per month as salary and 5% in on Capital they are also to be charged as interest of 5% on their drawing irrespective of the period which in 12000rs for tripathi and 8000rs for chauhan?
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Tripathi and chauhan are partner in a firm sharing profit and loss in ...
Partnership Agreement and Capital
- Tripathi and Chauhan are partners in a firm.
- They share the profit and loss in the ratio of 3:2.
- Their capital as of 1st January 2016 was Rs. 60,000 and Rs. 40,000 respectively.

Profit Distribution
- During the year, the firm earned a profit of Rs. 30,000.
- According to the partnership deed, both partners are entitled to a salary of Rs. 1,000 per month.
- They are also entitled to an interest of 5% on their capital.

Calculation of Salary and Interest
- Tripathi's and Chauhan's salary for the year: 12 months x Rs. 1,000 = Rs. 12,000 each.
- Tripathi's interest on capital: 5% of Rs. 60,000 = Rs. 3,000.
- Chauhan's interest on capital: 5% of Rs. 40,000 = Rs. 2,000.

Calculation of Drawing
- Tripathi's drawing during the year: Rs. 12,000 salary + Rs. 3,000 interest - Rs. 12,000 interest charged = Rs. 3,000.
- Chauhan's drawing during the year: Rs. 12,000 salary + Rs. 2,000 interest - Rs. 8,000 interest charged = Rs. 6,000.

Adjustment of Profit and Loss
- Total salary and interest: Rs. 12,000 + Rs. 12,000 + Rs. 3,000 + Rs. 2,000 = Rs. 29,000.
- Remaining profit after adjustment: Rs. 30,000 - Rs. 29,000 = Rs. 1,000.
- Profit distribution as per the profit sharing ratio of 3:2:
- Tripathi's share: (3/5) x Rs. 1,000 = Rs. 600.
- Chauhan's share: (2/5) x Rs. 1,000 = Rs. 400.

Final Profit Distribution
- Tripathi's total share: Rs. 600 (share of profit) + Rs. 3,000 (interest) + Rs. 3,000 (drawing) = Rs. 6,600.
- Chauhan's total share: Rs. 400 (share of profit) + Rs. 2,000 (interest) + Rs. 6,000 (drawing) = Rs. 8,400.

Summary
- Tripathi's final share: Rs. 6,600.
- Chauhan's final share: Rs. 8,400.
- The remaining profit of Rs. 1,000 is not distributed as it is not sufficient to cover the salary and interest entitlements of both partners.
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Tripathi and chauhan are partner in a firm sharing profit and loss in ...
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Tripathi and chauhan are partner in a firm sharing profit and loss in the ratio of 3:2 there capital were 60000rs and 40000rs as on 1 January 2016. during the year they earned a profit of 30000. according to the partnership deed both the partners are entitled to 1000rs per month as salary and 5% in on Capital they are also to be charged as interest of 5% on their drawing irrespective of the period which in 12000rs for tripathi and 8000rs for chauhan?
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Tripathi and chauhan are partner in a firm sharing profit and loss in the ratio of 3:2 there capital were 60000rs and 40000rs as on 1 January 2016. during the year they earned a profit of 30000. according to the partnership deed both the partners are entitled to 1000rs per month as salary and 5% in on Capital they are also to be charged as interest of 5% on their drawing irrespective of the period which in 12000rs for tripathi and 8000rs for chauhan? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Tripathi and chauhan are partner in a firm sharing profit and loss in the ratio of 3:2 there capital were 60000rs and 40000rs as on 1 January 2016. during the year they earned a profit of 30000. according to the partnership deed both the partners are entitled to 1000rs per month as salary and 5% in on Capital they are also to be charged as interest of 5% on their drawing irrespective of the period which in 12000rs for tripathi and 8000rs for chauhan? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Tripathi and chauhan are partner in a firm sharing profit and loss in the ratio of 3:2 there capital were 60000rs and 40000rs as on 1 January 2016. during the year they earned a profit of 30000. according to the partnership deed both the partners are entitled to 1000rs per month as salary and 5% in on Capital they are also to be charged as interest of 5% on their drawing irrespective of the period which in 12000rs for tripathi and 8000rs for chauhan?.
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