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

  • question_answer
    A and B started business in partnership on 01.07.2020. They contributed capital Rs.5,00,000 and Rs.3,00,000 respectively. Profits/losses will be shared in the ratio of 3:2. A was in need of funds and hence took a loan of Rs.1,00,000 from the firm on 01.12.2020 at an agreed rate of interest being 12% p.a. Interest on capital (Charge) is to be allowed @ 10% p.a. Profit for the year ended 31st March, 2021 amounted to Rs.1,50,000 before charging interest on loan to A. A's share of profit will be:                                                                                                 [CBSE 2019 C Modified]

    A) 56,400

    B) 51,600

    C) 44,400

    D) 39,600

    Correct Answer: A

    Solution :

    56,400


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