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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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will be
- a)Other partners will pay Z the minimum profit and will suffer loss equally
- b)Other partners will pay Z the minimum profit and will suffer loss in capital ratio
- c)X & Y will take Rs. 500 each and Z will take Rs. 5000
- d)Rs. 2,000 to each of the partners
Correct answer is option 'D'. 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 f...
's capital and salary were as follows:
X - $50,000
Y - $60,000
Z - $90,000
X claimed that he had worked harder than the other partners and should receive a higher share of the profits. Y and Z argued that they had contributed more capital to the firm and should receive a higher share.
After much discussion, the partners agreed to divide the profits as follows:
X - 25%
Y - 30%
Z - 45%
In addition to their share of the profits, X and Y were each entitled to interest on their capital at 10% per annum. X had invested $100,000 and Y had invested $80,000.
Z was entitled to a salary of $20,000 per annum for his services to the firm.
Calculate the amount received by each partner after accounting for interest and salary.
X's share of the profit = 25% of $200,000 = $50,000
Interest on X's capital = 10% of $100,000 = $10,000
Total amount received by X = $50,000 + $10,000 = $60,000
Y's share of the profit = 30% of $200,000 = $60,000
Interest on Y's capital = 10% of $80,000 = $8,000
Total amount received by Y = $60,000 + $8,000 = $68,000
Z's share of the profit = 45% of $200,000 = $90,000
Z's salary = $20,000
Total amount received by Z = $90,000 + $20,000 = $110,000
Therefore, X received $60,000, Y received $68,000, and Z received $110,000.
X - $50,000
Y - $60,000
Z - $90,000
X claimed that he had worked harder than the other partners and should receive a higher share of the profits. Y and Z argued that they had contributed more capital to the firm and should receive a higher share.
After much discussion, the partners agreed to divide the profits as follows:
X - 25%
Y - 30%
Z - 45%
In addition to their share of the profits, X and Y were each entitled to interest on their capital at 10% per annum. X had invested $100,000 and Y had invested $80,000.
Z was entitled to a salary of $20,000 per annum for his services to the firm.
Calculate the amount received by each partner after accounting for interest and salary.
X's share of the profit = 25% of $200,000 = $50,000
Interest on X's capital = 10% of $100,000 = $10,000
Total amount received by X = $50,000 + $10,000 = $60,000
Y's share of the profit = 30% of $200,000 = $60,000
Interest on Y's capital = 10% of $80,000 = $8,000
Total amount received by Y = $60,000 + $8,000 = $68,000
Z's share of the profit = 45% of $200,000 = $90,000
Z's salary = $20,000
Total amount received by Z = $90,000 + $20,000 = $110,000
Therefore, X received $60,000, Y received $68,000, and Z received $110,000.
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X, Y and Z are partners in a firm. At the time of division of profit f...
If the partners don't have any agreement they should share the profit in equal ratio
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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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. 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 Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will bea)Other partners will pay Z the minimum profit and will suffer loss equallyb)Other partners will pay Z the minimum profit and will suffer loss in capital ratioc)X & Y will take Rs. 500 each and Z will take Rs. 5000d)Rs. 2,000 to each of the partnersCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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