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Question 41 Chapter 2 - Unimax Class 12 Part 1
On 1st April, 2021 A, B and C start a business in partnership. A puts in 30,000 in first but withdraws 10.000 at the end of six months. B introduces 25,000 at first and increases it to 55.000 at end of four months but withdraws 10,000 at end of eight months. C brings ₹ 25,000 at first but increase it by 20.000 at the end of seven months. During the year ended 31st st March. 2022, they make a net profit of 36,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.
| A's Capital | Months for which the capital has been used In business | Product (₹) |
| Capitals (₹) | ||
| 30,000 | 6 | 1,80,000 |
| 20,000 | 6 | 1,20,000 |
| Total Capital | 3,00,000 | |
| B's Capital | ||
| 25,000 | 4 | 1,00,000 |
| 55,000 | 4 | 2,20,000 |
| 45,000 | 4 | 1,80,000 |
| Total Capital | 5,00,000 | |
| C's Capital | ||
| 25,000 | 7 | 1,75,000 |
| 45,000 | 5 | 2,25,000 |
| Total Capital | 4,00,000 |
| Capital Ratio of A, B and C | |
| A : B : C | 3,00,000 : 5,00,000 : 4,00,000 |
| 3 : 5 : 4 |
PROFIT AND LOSS APPROPRIATION A/C FOR THE YEAR ENDED
| Particulars | ₹ | Particulars | ₹ | |
|---|---|---|---|---|
| To Profit transferred to capital A/c | ||||
| A | 9,000 | By Net Profit | 36,000 | |
| B | 15,000 | |||
| C | 12,000 | 36,000 | ||
| 36,000 | 36,000 | |||
https://tutorstips.com/what-is-partnership/
Unimax Advanced Accountancy - II Part - 1 (Accounting for Not-for-Profit Organizations and Partnership Firms)
Unimax Advanced Accountancy - II Part - 2 (Financial Statements of Company)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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