2. Questions Bank
  3. 12th Class
  4. Accountancy
  5. Fundamentals of Partnership

12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    ‘X’ and ‘Y’ are partners in a firm sharing profits in the ratio of 3:2.As per their agreement, ‘X’ will receive 5% per annum interest on his loan of Rs.1,00,000 and ‘Y’ will receive 2% commission on sales affected by him, which were Rs.1,00,000. Calculate X’s share of profit when net profit as per profit and loss account is Rs.1,00,000.

    A) Rs.58,800            

    B) Rs.58,000

    C) Rs.60,000             

    D) Rs.48,200

    Correct Answer: A

    Solution :

    [a] Rs.58,800
    Hint: Net profit as per profit and loss account            (Rs.)
    (after interest on Loan)                                            = 1,00,000
    (-) Y’s Commission @ 2%                                         = (2,000)
    Distributable profit                                                  = 98,000
    X’s share = 98,000 \[\times \frac{3}{5}\] = Rs.58,800
     


You need to login to perform this action.
You will be redirected in 3 sec spinner