question_answer

X and Y are partners in a firm and sharing the profit & loss in the ratio of 5:3. Their capitals on 1st April 2020 were Rs.5,00,000 and Rs.3,00,000 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 Loss for the year is Rs.10,000. Profit/Loss distributed among the partners:

A) X = Nil and Y = Nil      

B) Loss: X = 56250 and Y = 33750

C) Loss: X = 6250 and Y = 3750

D) Loss: X = 5,000 and Y = 5,000