Question 06 Chapter 2 of +2-Part-1
6. (No Partnership Deed) Mahesh and Ramesh are partners with capitals of Rs. 50,000 and Rs.60,000 respectively. On 1st January 2013, Mahesh gives a loan of Rs.10,000 and Ramesh introduced Rs.20,000 as additional capital. Profit for the year ending 31st March 2013 was Rs.15,200. There is no partnership deed. Both Mahesh and Ramesh expect interest @ 10% p.a. on the loan and additional capital advanced by them. Show how the profits would be divided? Give reasons.
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The solution of Question 06 Chapter 2 of +2 Part-1
|Distribution of Profits of the firm:
|Interest on Loan (3 months) 10,000*6/100*3/1||150||–|
|Net Profit (15,200-150)||7,525||7,525|
1. No interest will be allowed on partners’ capital.
2. Interest on loan and additional capital will be allowed as per mutual agreement.
3. Balance of profits are distributed equally.
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement