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

  • question_answer
    A and B are partners in a firm and sharing the profit & loss in the ratio of 3:2. Their capitals on 1st April 2020 ware Rs. 2,00,000 and Rs. 1,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if partnership deed provides, Interest on capital (charge) @ 10% p.a. and profit for the year is Rs. 10,000. Distribution of Profit/loss as:

    A) A = Nil and B = Nil      

    B) Profit: A = 6000 and B = 4000

    C) Loss: A = 12000 and B = 8000

    D) Profit: A = 12000 and B = 8000

    Correct Answer: C

    Solution :

    Loss: A = 12000 and B = 8000


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