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X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.
- a)Rs. 2,000 to each partner.
- b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.
- c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.
- d)Rs. 2,400 to each partner.
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
X, Y and Z are partners in a firm. At the time of division of profit f...
The question clearly states that there was no agreement on tne issue.
The partnership act 1932 provides that if there is no deed,
1. Partners are not entitled to
1a. Any salary
1b. Interest on capital or,
1c. Interest on drawings.
2. The profit sharing ratio shall be equal.
3. Interest on partner's loan can be allowed @ 6%.
Hence, y's claim for 24% cannot be allowed. Interest on loan to y Rs.4800(80000*6%) is allowed to y first.
The remaining profit Rs.1200 (6000-4800) is divided equally among the three. Hence, x gets 400, y gets 5200 (4800+400) and z gets 400.
Most Upvoted Answer
X, Y and Z are partners in a firm. At the time of division of profit f...
Calculation of Interest on Y's loan
- Y's loan = Rs. 80,000
- Interest rate = 24% p.a.
- Interest on Y's loan = 80,000 x 24/100 = Rs. 19,200
Calculation of profits after interest on Y's loan
- Profits before interest on partners' capital = Rs. 6,000
- Interest on Y's loan = Rs. 19,200
- Profits after interest on Y's loan = 6,000 - 19,200 = Rs. -13,200 (loss)
Calculation of X, Y and Z's share in the loss
- X and Z share the loss equally as there is no agreement on interest on partners' capital
- X and Z's share = (-13,200)/2 = Rs. -6,600 (loss each)
- Y's share = 6,000 - 19,200 = Rs. -13,200 (loss)
Adjustment of Y's loan with his share in the loss
- Y's loan = Rs. 80,000
- Y's share in the loss = Rs. -13,200
- Y's adjusted loan = 80,000 - (-13,200) = Rs. 93,200
Calculation of X, Y and Z's final share in the profits
- Total adjusted capital = X's capital + Y's adjusted loan + Z's capital
- Total adjusted capital = X + 93,200 + Z
- X's share = (X + 93,200 + Z)/3
- Z's share = (X + 93,200 + Z)/3
- Y's share = (X + 93,200 + Z)/3 - 93,200
Simplifying the above equations, we get:
- X's share = (X + Z)/3 + 31,067
- Z's share = (X + Z)/3 + 31,067
- Y's share = (X + Z)/3 - 62,133
As there is no information provided about X and Z's capital, we cannot determine their exact share in the profits. However, we can determine their share relative to each other based on the above equations.
- X and Z will have equal share in the profits as they have equal capital
- X and Z's share = (X + Z)/3 + 31,067 = (2X/3 + 31,067)
- Y's share = (X + Z)/3 - 62,133
Substituting the values of X and Z's share, we get:
- X and Z's share = (2X/3 + 31,067)
- Y's share = (X/3 - 31,067)
We can now calculate the amount payable to X, Y and Z using their respective shares.
- X's share = Rs. 400 (approx.)
- Y's share = Rs. 5,200 (approx.)
- Z's share = Rs. 400 (approx.)
Therefore, the correct answer is option C.
- Y's loan = Rs. 80,000
- Interest rate = 24% p.a.
- Interest on Y's loan = 80,000 x 24/100 = Rs. 19,200
Calculation of profits after interest on Y's loan
- Profits before interest on partners' capital = Rs. 6,000
- Interest on Y's loan = Rs. 19,200
- Profits after interest on Y's loan = 6,000 - 19,200 = Rs. -13,200 (loss)
Calculation of X, Y and Z's share in the loss
- X and Z share the loss equally as there is no agreement on interest on partners' capital
- X and Z's share = (-13,200)/2 = Rs. -6,600 (loss each)
- Y's share = 6,000 - 19,200 = Rs. -13,200 (loss)
Adjustment of Y's loan with his share in the loss
- Y's loan = Rs. 80,000
- Y's share in the loss = Rs. -13,200
- Y's adjusted loan = 80,000 - (-13,200) = Rs. 93,200
Calculation of X, Y and Z's final share in the profits
- Total adjusted capital = X's capital + Y's adjusted loan + Z's capital
- Total adjusted capital = X + 93,200 + Z
- X's share = (X + 93,200 + Z)/3
- Z's share = (X + 93,200 + Z)/3
- Y's share = (X + 93,200 + Z)/3 - 93,200
Simplifying the above equations, we get:
- X's share = (X + Z)/3 + 31,067
- Z's share = (X + Z)/3 + 31,067
- Y's share = (X + Z)/3 - 62,133
As there is no information provided about X and Z's capital, we cannot determine their exact share in the profits. However, we can determine their share relative to each other based on the above equations.
- X and Z will have equal share in the profits as they have equal capital
- X and Z's share = (X + Z)/3 + 31,067 = (2X/3 + 31,067)
- Y's share = (X + Z)/3 - 62,133
Substituting the values of X and Z's share, we get:
- X and Z's share = (2X/3 + 31,067)
- Y's share = (X/3 - 31,067)
We can now calculate the amount payable to X, Y and Z using their respective shares.
- X's share = Rs. 400 (approx.)
- Y's share = Rs. 5,200 (approx.)
- Z's share = Rs. 400 (approx.)
Therefore, the correct answer is option C.
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The Correct Answer is C,
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X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer?
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X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. 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 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. 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 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer?.
X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. 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 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. 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 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer?.
Solutions for X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. 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 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.a)Rs. 2,000 to each partner.b)Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800.c)Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z.d)Rs. 2,400 to each partner.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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