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

  • question_answer
    A and B contribute Rs.1,00,000 and Rs.60,000 respectively in a partnership firm by way of capital on which they agree to allow interest @ 8% p.a. Their profit or Loss sharing ratio is 3 : 2. The profit at the end of the year was Rs.2,800 before allowing interest on capital. If there is a clear agreement that interest on capital will be paid even in case of Loss, then B’s share will be:

    A) Profit Rs.6,000     

    B) Profit Rs.4,000

    C) Loss Rs.6,000       

    D) Loss Rs.4,000

    Correct Answer: D

    Solution :

    [d] Loss Rs.4,000                                    (Rs.)
    Hint:    A =1,00,000 \[\times \]8/100            =   8,000
               B= 60,000\[\times \]8/100                =  4,800
                                                                   12,800
                (-) Profit                                       (2,800)
                 Loss                                             10,000
    Share of Loss
                A =10,000\[\times \]3/5                   =   6,000
                B= 10,000\[\times \]2/5                   =   4,000
     


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