Commerce Exam  >  Commerce Questions  >  Tripathi and chauhan are partner in a firm sh... Start Learning for Free
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?
Most Upvoted Answer
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.
Community Answer
Tripathi and chauhan are partner in a firm sharing profit and loss in ...
Shruti what's the question..??
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

Similar Commerce Doubts

Top Courses for Commerce

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?
Question Description
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?.
Solutions 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? 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 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? defined & explained in the simplest way possible. Besides giving the explanation of 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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an ample number of questions to practice 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? 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