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

  • question_answer
    A and B started a new partnership business on 1st October 2020. They have decided to share the profits & losses in the ratio of 1:2. They have contributed capital of Rs.1,00,000 and Rs.1,60,000 respectively. Calculate the amount of profit or loss to be distributed among the partner, if partnership deed provides interest on capital @ 10% p.a. and profit for the year ending 31st March 2021 is Rs.52,000. Profit distributed between the partners:

    A) B = 26000 A = 13000

    B) B = 13000 A = 26000

    C) B = 17333 A = 34667

    D) B = 34667 A = 17333

    Correct Answer: A

    Solution :

    B = 26000 A = 13000


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