| X and Y are partners sharing profits in the ratio of 3:2. |
| Loan given by the X to the firm on 1st July 2020.....................................................1,00,000 |
| Loan given by the firm to Y on 1st October 2020.....................................................50,000 |
| Partnership deed provides interest on loan to Y @10% p.a. but silent on interest on Loan by X. |
| Profit for the year ended 31st March 2021 was Rs.8,000. |
| Profit/loss shared by the partners: |
A) Profit to X Rs.600 and Y Rs.400
B) Profit to X Rs.1,800 and Y Rs.1,200
C) Profit to X Rs.3,600 and Y Rs.2,400
D) Profit to X Rs.3,000 and Y Rs.2,000
Correct Answer: C
Solution :
Profit to X Rs.3,600 and Y Rs.2,400
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