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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 entered into the partnership on 01.10.2020 with a capital of Rs.2,00,000 and Rs.1,00,000 respectively. Interest on capital is to be provided @ 10% p.a. as per the Partnership deed, but it is silent about profit sharing Ratio. Profit for the year ended 31.03.2021 is Rs.16,000 before providing the above. B's Share of profit/loss will be:

    A) Loss = 14,000

    B) Profit = 1,000

    C) Profit = 500

    D) Loss = 7,000

    Correct Answer: C

    Solution :

    Profit = 500


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